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Morning Commentary: Capital One bringing new issue; NuStar ticks up; AXIS to list on NYSE
By Stephanie N. Rotondo.
Seattle, Nov. 21 – Rumors of a new preferred stock issue during the shortened holiday week proved true on Monday as Capital One Financial Corp. announced an offering of series H noncumulative perpetual preferreds.
The McLean, Va.-based financial services company is selling at least $200 million of the preferreds, with price talk around 6.125%.
BofA Merrill Lynch, J.P. Morgan Securities LLC, UBS Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are running the books.
A trader saw the issue at $24.85 in the early gray market.
Proceeds will be used for general corporate purposes.
On the heels of the new deal, the 5.2% series G noncumulative perpetual preferreds – a $600 million deal that priced July 26 – were off 2 cents at $22.58.
From last week’s business, NuStar Energy LP’s $200 million of 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred units were seen at $24.90 bid, with no right side.
The deal came Thursday, upsized from $100 million and in line with price talk. The units begin to float on Dec. 15, 2021 at Libor plus 676.6 basis points. The issue freed to trade Friday afternoon.
Wells Fargo, BofA Merrill Lynch and UBS Securities were the bookrunners.
Meanwhile, a market source said AXIS Capital Holdings Ltd.’s $550 million of 5.5% series E noncumulative preferred shares will begin trading on the New York Stock Exchange on Tuesday.
The ticker symbol will be “AXSPE.”
The deal came Oct. 31 and included a $50 million greenshoe.
The issue is trading under a temporary symbol, “AXHHF.”
BofA Merrill Lynch, Morgan Stanley, UBS Securities and Wells Fargo were the bookrunners.
That paper was trading at $23.20 at mid-morning, down 25 cents, or 1.07%.
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