AT&T, Charles Schwab price; preferred stocks weaken; Golar unchanged; Teekay softens

By Cristal Cody

Tupelo, Miss., Oct. 25 – AT&T Inc. and Charles Schwab Corp. priced new deals on Wednesday, while preferreds overall softened.

AT&T sold $1.15 billion of $25-par global notes due Nov. 1, 2066.

Charles Schwab priced $500 million of depositary shares.

Preferreds weakened at the market open on Wednesday and remained soft on the day.

The Wells Fargo Hybrid and Preferred Securities index ended down 39 basis points.

The U.S. iShares Preferred Stock ETF was off 44 bps at the market close.

Golar LNG Partners LP’s $120 million of 8.75% series A perpetual cumulative redeemable preferred units priced on Tuesday were issued the temporary symbol “GOLPF” on Wednesday.

The preferreds were flat on the day in over-the-counter trading at $24.90.

Golar LNG Partners sold $120 million of the preferred units on Tuesday at $25.00 per unit.

The Hamilton, Bermuda-based owner and operator of liquid natural gas carriers will apply to list the preferred units on the Nasdaq Global Select Market under the symbol “GMLPP.”

In other new issue trading on Wednesday, Teekay LNG Partners LP’s 8.5% series B fixed-to-floating rate cumulative redeemable perpetual preferred units that were added to the New York Stock Exchange (NYSE: TOOPrA) after the market closed on Tuesday traded on Wednesday down 27 cents, or 1.14%, to $23.35.

The Hamilton, Bermuda-based provider of marine transportation services for liquefied gas, petroleum and oil sold $150 million of the preferreds on Oct. 16.

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