Preferreds rebound, GasLog’s gains continue, Legacy Reserves soars

By Abigail W. Adams

Portland, Me., Jan. 11 – Preferreds rebounded in the secondary market on Thursday, eclipsing the losses from Wednesday’s session.

The Wells Fargo Hybrid and Preferred Security Index gained 17 basis points by the market close Thursday after slipping 16 bps during Wednesday’s session.

The U.S. iShares Preferred Stock ETF also climbed 0.32% by market close Thursday after ending Wednesday down 0.18%.

As the broader markets rebounded, GasLog Partners LP’s recently priced 8.2% series B cumulative redeemable perpetual fixed-to-floating rate preference units continued their upward momentum.

The series B preference units climbed 29 cents to $25.49, an increase of 1.15%, by the market close Thursday. The units have made steady gains since they were feed to trade for over-the-counter business under the temporary symbol “GSLPF” early Wednesday.

In contrast, Annaly Capital Management Inc.’s recently priced 6.5% series G fixed-to-floating-rate perpetual cumulative redeemable preferred stock continues to decrease.

The preferred stock priced at par of $25 on Monday. It was down 0.01 cents to $24.68, a decrease of 0.04%, at market close Thursday.

Legacy Reserves LP 8% series A and 8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units both made significant gains during Thursday’s session.

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