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GasLog’s new preferreds sink further; Bank of America declines; Energy Transfer down
By James McCandless
San Antonio, Nov. 9 – The end of the week in preferred trading saw a broad decline with a late boost.
GasLog Partners LP’s $100 million 8.5% series C cumulative redeemable perpetual fixed-to-floating rate preference units fell further under par.
In the finance sector, Bank of America Corp.’s 5.875% series HH non-cumulative preferreds also moved lower.
U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferreds joined the negative trend while JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock ended level.
Elsewhere, Energy Transfer Partners, LP’s 7.625% series D fixed-to-floating rate cumulative preferreds fell.
GasLog lower
At the top of the secondary, GasLog’s new $100 million 8.5% series C cumulative redeemable perpetual fixed-to-floating rate preference units traded further under par.
The preferreds, trading under the temporary symbol “GLOUF,” lost 33 cents to close at $24.49 on volume of about 487,000 shares.
On Thursday, the preferreds ended at $24.82 on its first trading day.
Bank of America down
Meanwhile, in the financial space, Bank of America’s 5.875% series HH non-cumulative preferreds declined.
The preferreds (NYSE: BACPrK) were down 2 cents to close at $24.76 with about 432,000 shares trading.
On Thursday, the preferreds rose 2 cents.
Elsewhere, U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferreds also traded down.
The preferreds (NYSE: USBPrP) were down 2 cents to close at $24.69 on volume of about 264,000 shares.
JPMorgan’s 5.75% series DD non-cumulative preferred stock ended unchanged after declining in intraday trading.
The preferreds (JPMPrD) were flat at $24.24 with about 176,000 shares trading.
On Thursday, the preferreds gained 6 cents.
Energy Transfer off
Natural gas transporter Energy Transfer’s 7.625% series D fixed-to-floating rate cumulative preferreds declined.
The preferreds (NYSE: ETPPrD) were off 22 cents to close at $25.03 on volume of about 141,000 shares.
On Wednesday, the company reported a profit of 32 cents per share for the third quarter.
Indexes up
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.01% at the end of the session after starting Friday lower by 0.03%.
The iShares US Preferred Stock ETF was up 1 cent to $36.11.
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