Signature Bank negative; Energy Transfer improves; Gladstone preferreds rise

By James McCandless

San Antonio, Dec. 15 – During the Tuesday session, the preferred market made gains, including most of the day’s volume leaders.

An exception, again at the top of the secondary activity, Signature Bank’s new 5% series A non-cumulative perpetual preferreds were down 1 cent to close at $24.89 on volume of about 1.5 million shares.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.7% series AA non-cumulative class A non-cumulative perpetual preferreds hopped up 21 cents to close at $25.81 with about 502,000 shares trading.

Sector peer Bank of America Corp.’s 4.375% series NN non-cumulative preferreds tacked on 2 cents to close at $26.14 on volume of about 229,000 shares trading.

Oil and gas name Energy Transfer Operating LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units improved.

Meanwhile, middle-market investor Gladstone Capital Corp.’s 6.125% notes due 2023 were on the rise throughout the day.

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