Preferreds inch higher as Greece, creditors reach deal; DynaGas prices; bank earnings eyed

By Stephanie N. Rotondo

Phoenix, July 13 – Preferred stocks were trending higher on Monday as the market hoped a Greek debt deal would get done.

The Wells Fargo Hybrid and Preferred Securities index ended 12 basis points better. The index was up 4 bps at mid-morning.

Greece and its E.U. creditors reportedly hashed out a deal late Sunday. Details of what that deal entails have been fuzzy, but it has been reported that this bailout – the third the country has wrangled – includes the harshest terms yet.

The rescue package still needs to be passed by Greek parliament.

The news did seem to appease investors, however, and the preferred stock market kicked off the week with a new issue hitting the tape.

DynaGas LNG Partners LP announced and priced a $75 million sale of 9% series A cumulative redeemable preferred units on Monday.

Morgan Stanley & Co. LLC is the lead on the deal.

Price talk was 9% to 9.125% on the non-rated deal, which came upsized from $50 million.

DynaGas is a Monaco-based growth-oriented limited partnership focused on owning and operating LNG carriers.

Looking to the week ahead, bank earnings will be in focus and JPMorgan Chase & Co. and Wells Fargo & Co. kick things off on Tuesday.

Ahead of those results, both banks saw their preferreds ending with a mostly firm tone.

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