BNY Mellon, RiverNorth price; CIT Group leaps higher; Truist preferreds lose

By James McCandless

San Antonio, Oct. 16 – At the end of the week, the preferred space continued a downward trend.

From the primary pipeline, BNY Mellon Municipal Bond Infrastructure Fund, Inc. priced a $75 million offering of remarketable variable rate MuniFund term preferred shares.

Also, RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. priced a $55 million offering of $25-par series A cumulative preferred stock with a dividend of 4.375% at par.

Leading the secondary market, CIT Group Inc.’s 5.625% series B non-cumulative preferred stock leaped higher.

Elsewhere in the finance space, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock was seen losing.

Meanwhile, oil and gas company Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units declined.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.