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QVC sells $25-par senior notes; Morgan Stanley finishes at par; American Equity rises
By James McCandless
San Antonio, Nov. 19 – The preferred space spent the Tuesday session focused on newer issuance with mixed results.
In primary activity, QVC, Inc. priced a $435 million offering of $25-par senior secured notes due Nov. 26, 2068 at par with a coupon of 6.25%
Leading volume in the secondary, Morgan Stanley’s new $500 million 4.875% series L non-cumulative preferred stock closed at par on its first day on volume of about 1.3 million shares.
Elsewhere in finance, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative perpetual preferreds shot up 53 cents to close at $25.79 on volume of about 685,000 shares.
Sector peer CIT Group, Inc.’s 5.625% series B non-cumulative preferred stock was also lifted into a higher position.
Annuities provider American Equity Investment Life Holding Co.’s new 5.95% series A fixed-rate reset non-cumulative preferreds followed the positive trend.
Meanwhile, middle market investor Compass Diversified Holdings LLC’s recent 7.875% series C cumulative preferred shares were active but unchanged.
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