BB&T prices $1,000-par preferreds; Deutsche Bank mixed; Cedar Realty Trust improves

By James McCandless

San Antonio, July 22 – The preferred space trended higher in the Monday session as top-volume traders finished mixed.

In primary activity, BB&T Corp. priced a $1.7 billion offering of $1,000-par series N fixed rate reset non-cumulative perpetual preferred stock with an initial dividend 4.8%.

Beginning Sept. 1, 2024 and every five years thereafter, the dividend resets to a rate equal to Treasuries plus 300.3 basis points.

Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC were the joint bookrunners.

The preferreds are redeemable on any dividend payment date on or after Sept. 1, 2024. Prior to that, they are redeemable within 90 days after a regulatory capital treatment event.

Leading trading, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities and Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were mixed.

The 6.55% preferreds (NYSE: DXB) were down 11 cents to close at $24.19 on volume of about 351,000 shares.

The 8.05% preferreds (NYSE: DKT) were up 6 cents to close at $25.29 on volume of about 330,000 shares.

Meanwhile, Cedar Realty Trust, Inc.’s 6.5% series C cumulative redeemable preferred stock also improved.

The preferreds (NYSE: CDRPrC) gained 7 cents to end the day at $22.39 with about 209,000 shares trading.

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