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Morning Commentary: Recently listed Maiden Holdings, NGL Energy fall with market; NuStar drops
By Colin Hanner
Chicago, June 20 – Movement in the preferred stock space was generally lower on Tuesday morning, in line with the broader equity markets.
The Wells Fargo Hybrid and Preferred Securities index was down 2 basis points at mid-morning. The U.S. iShares Preferred Stock ETF was off 8 bps.
Recently listed Maiden Holdings Ltd.’s $150 million of 6.7% series D noncumulative preference shares (NYSE: MHPrD), which began trading on the New York Stock Exchange on Monday, were down 5 cents, or 0.19%, to $25.232.
Welcomed to the NYSE a session prior on Friday, NGL Energy Partners LP’s $185 million of 9% series B fixed-to-floating rate cumulative redeemable perpetual preferred units (NYSE: NGLPrB) were down 14 cents, or 0.57%, to $24.56.
One of the most active in the secondary space was NuStar Energy LP’s 7.625% series B fixed-to-floating rate cumulative redeemable preferred units (NYSE: NSPrB), which were down 17 cents, or 0.67%, to $25.15. The units had seen similar activity and movement on Friday’s session, though no news could be singled out as the driver of activity on Tuesday morning.
Breaking from the nearly across-the-board decreases were AXIS Capital Holdings Ltd.’s series E noncumulative preferreds (NYSE: AXSPrE), which were up 4 cents, or 0.16%, to $25.02.
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