Equitable, Willamette Valley tap market; Truist preferreds better; CHS under pressure

By James McCandless

San Antonio, Aug. 6 – Leading into the second half of the week, the preferred space ended lower.

In Thursday’s primary market, Equitable Holdings, Inc. priced a $500 million offering of $1,000-par series B fixed-rate reset non-cumulative perpetual preferred stock with a dividend of 4.95% at par.

Also, Willamette Valley Vineyards, Inc. sold $3.3 million of its series A cumulative redeemable preferred stock with a dividend of 4.5% at $4.85 per share.

On top of the secondary, Truist Financial Corp.’s new 4.75% series R non-cumulative perpetual preferred stock ended in a better position.

Elsewhere in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities also declined.

Agricultural name CHS, Inc.’s 7.1% series 2 class B reset cumulative redeemable preferreds moved along the downward trend.

Meanwhile, insurance provider MetLife, Inc.’s series A floating-rate non-cumulative preferred stock was pushed down.

Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 were trailing by the end of the session.

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