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Morning Commentary: GasLog preps offering; AT&T’s $25-par notes rise; Morgan Stanley up
By James McCandless
San Antonio, Nov. 7 – The preferred market started off with a new deal and positive movement as the Wells Fargo Hybrid & Preferred Securities Financial index started higher by 0.23%.
GasLog Partners LP plans to price a $50 million offering of $25-par series C cumulative redeemable perpetual fixed-to-floating rate preference units with an initial dividend in the 8.625% area.
The deal was announced Wednesday morning.
UBS Securities LLC, Morgan Stanley & Co. LLC, Stifel, Nicolaus & Co., Inc., Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.
Meanwhile, in the secondary, AT&T, Inc.’s 5.35% global notes due 2066 were higher at the start of the session.
The notes (NYSE: TBB) were up 24 cents to $23.93 on volume of about 102,000 notes.
In the financial space, Morgan Stanley’s 6.375% series I fixed-to-floating rate non-cumulative preferred stock was also rising.
The preferreds (NYSE: MSPrI) were up 4 cents to $26.15 with about 55,000 shares trading.
Citigroup Capital XIII’s fixed-to-floating rate trust preferred securities were trending upward.
The preferreds (NYSE: CPrN) were up 1 cent to $26.49 on volume of about 51,000 shares.
In the electric utilities sector, Dominion Energy Inc.’s 5.25% series A enhanced junior subordinated notes due 2076 were climbing early Wednesday.
The notes (NYSE: NYSE: DRUA) were up 9 cents to $22.93 with about 32,000 notes trading.
Real estate investment trust UMH Properties, Inc.’s 6.75% series C cumulative redeemable preferreds were also caught up in the positive wave.
The preferreds (NYSE: UMHPrC) gained 2 cents to $23.20 on volume of about 30,000 shares.
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