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Morning Commentary: Triton on tap; Voya preferreds jump; Qwest $25-par notes lower
By James McCandless
San Antonio, June 17 – The new week in the preferred market started mixed as the Wells Fargo Hybrid & Preferred Securities Financial index dipped 0.01%.
In primary activity, Triton International Ltd. plans to price an offering of $25-par series B cumulative redeemable perpetual preference shares at par.
Wells Fargo Securities, LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Keefe, Bruyette & Woods, Inc. are the joint bookrunners.
The preferreds are redeemable on or after Sept. 15, 2024. Prior to that, they are redeemable within 120 days after a change-of-control triggering event.
At the top of early activity, employee benefits name Voya Financial, Inc.’s new 5.35% series B fixed-rate reset non-cumulative preferred stock was shooting upward.
The preferreds, trading under the temporary symbol “VOYXL,” jumped up 46 cents to $25.75 on volume of about 122,000 shares.
In communications, Qwest Corp.’s 6.75% notes due 2057 started the session negative.
The notes (NYSE: CTDD) were down 12 cents to $23.76 with about 68,000 notes trading.
Meanwhile, in finance, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock was pushing higher.
The preferreds (NYSE: GSPrD) were better by 15 cents to $19.89 on volume of about 55,000 shares.
Oil and gas name NGL Energy Partners LP’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units were also on the rise.
The preferreds (NYSE: NGLPrB) added 14 cents to $24.69 with about 44,000 shares trading.
E-commerce hub eBay Inc.’s 6% notes due 2056 were slightly lower as the session began.
The notes (Nasdaq: EBAYL) were off by 2 cents to $26.38 on volume of about 26,000 notes.
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