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Morning Commentary: OceanFirst Financial notes on tap; Goldman Sachs down; MFA higher
By James McCandless
San Antonio, April 29 – The preferred market opened Wednesday with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.41%.
In primary activity, OceanFirst Financial Corp. announced plans to price a dollar-denominated offering of fixed-to-floating rate subordinated notes due 2030.
Piper Sandler & Co. is the bookrunner.
The coupon is fixed for five years, then converts to a floating rate of three-month SOFR plus a spread.
The notes are redeemable after five years. Prior to that, the notes are redeemable after a tax event, a tier 2 capital event, or if the company is required to register as an investment company.
Leading early secondary trading volume, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock was seeing a slight decline.
The preferreds (NYSE: GSPrD) were down 2 cents to $20.20 on volume of about 150,000 shares.
Meanwhile, real estate investment trust MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferred stock was reaching higher.
The preferreds (NYSE: MFAPrC) were gaining 17 cents to $13.90 with about 44,000 shares trading.
Sector peer New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferreds were also improving.
The preferreds (NYSE: NRZPrC) were shooting up 85 cents to $17.01 on volume of about 43,000 shares.
In the oil and gas space, Energy Transfer Operating, LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units followed the positive trend.
The preferreds (NYSE: ETPrD) were picking up 38 cents to $18.96 with about 40,000 shares trading.
Elsewhere, telecom name AT&T Inc.’s 4.75% series C perpetual preferred stock started the session rising.
The preferreds (NYSE: TPrC) were adding 9 cents to $22.78 on volume of about 40,000 shares.
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