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Wintrust ends under par; MetLife preferreds gain; Northern Trust better
By James McCandless
San Antonio, May 7 – Top traders in the preferred space ended Thursday on modest gains with a focus on new issuance.
On top of secondary activity, Wintrust Financial Corp.’s new $250 million 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock ended below par.
Elsewhere in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock rose.
Sector peer JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock followed the prevailing trend.
Meanwhile, insurance name MetLife, Inc.’s series A floating rate non-cumulative preferred stock gained ground.
Asset manager Northern Trust Corp.’s 4.7% series E non-cumulative perpetual preferreds saw better levels.
Wintrust below par
On top of the day’s secondary activity, Wintrust’s new $250 million 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock ended its first trading day below par.
The preferreds, trading under the temporary symbol “WTFNL,” were seen closing at $24.97 on volume of about 3.8 million shares.
The deal priced on Wednesday.
Elsewhere in the finance space, Bank of America’s 5% series LL non-cumulative preferred stock rose by the end of the session.
The preferreds (NYSE: BACPrN) tacked on 1 cent to close at $24.97 with about 393,000 shares trading.
Sector peer JPMorgan’s 5.75% series DD non-cumulative preferred stock rose with the rest of the market.
The preferreds (NYSE: JPMPrD) added 2 cents to close at $26.30 on volume of about 359,000 shares.
MetLife gains
Meanwhile, insurance name MetLife’s series A floating rate non-cumulative preferred stock gained ground.
The preferreds (NYSE: METPrA) improved by 8 cents to close at $22.02 with about 951,000 shares trading.
Northern Trust up
Asset manager Northern Trust’s 4.7% series E non-cumulative perpetual preferreds saw better levels as the day came to a close.
The preferreds (Nasdaq: NTRSO) moved up 1 cent to close at $24.72 on volume of about 566,000 shares.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index finished the day down by 0.06%, reversing a 0.19% rise from early Thursday trading.
The iShares US Preferred Stock ETF was up 19 cents to $34.05.
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