Morning Commentary: Eagle Point $25-par notes gain; AGNC level; Teekay trades higher

By James McCandless

San Antonio, Oct. 9 – The preferred space started Wednesday morning trending positively with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.11%.

At the top of early trading, Eagle Point Credit Co. Inc.’s 6.75% notes due 2027 were pushing higher.

The notes (NYSE: ECCY) were up 13 cents to $25.65 on volume of about 76,000 notes.

Real estate investment trust AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferred stock was relatively active but unchanged early on.

The preferreds (Nasdaq: AGNCO) were level at $25.25 with about 29,000 shares trading.

In the shipping space, Teekay Offshore Partners LP’s 7.25% series A cumulative redeemable preferred units were jumping upward.

The preferreds (NYSE: TOOPrA) were gaining 32 cents to $18.52 on volume of about 23,000 shares.

Sector peer Tsakos Energy Navigation Ltd.’s 9.25% series E fixed-to-floating rate cumulative redeemable perpetual preferreds were also improving.

The preferreds (NYSE: TNPPrE) were adding 6 cents to $22.91 with about 22,000 shares trading.

Meanwhile, in banking, Bank of America Corp.’s 6.5% series Y non-cumulative preferred stock followed the morning’s trend.

The preferreds (NYSE: BACPrY) were rising 3 cents to $25.34 on volume of about 20,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.