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Morning Commentary: Highland taps $25-par market; Energy Transfer, Morgan Stanley down
By James McCandless
San Antonio, July 30 – Securities traded generally lower at Tuesday’s open in the preferred makret saw weaker movement with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.03%.
In primary activity, Highland Income Fund sold a $135 million offering of $25-par series A cumulative preferred shares (A1) with a dividend of 5.375%.
There is a $20.25 million greenshoe.
Morgan Stanley & Co. LLC is the bookrunner.
Jefferies LLC is also participating.
The preferreds are redeemable after five years.
At the top of early trading, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were headed lower at the open.
The preferreds (NYSE: ETPPrE) were lower by 1 cent to $25.36 with about 62,000 shares trading.
Meanwhile, in the finance space, Morgan Stanley’s 6.625% series G non-cumulative preferred stock was also under water early.
The preferreds (NYSE: MSPrG) were down 6 cents to $25.56 on volume of about 56,000 shares.
Shipping name Triton International Ltd.’s 8% series B cumulative redeemable perpetual preferreds were declining.
The preferreds (NYSE: TRTNPrB) dipped 2 cents to $26.03 on volume of about 49,000 shares.
Real estate investment trust Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable preferreds were relatively active but flat at the open.
The preferreds (NYSE: NLYPrI) were level at $25.65 with about 48,000 shares trading.
In communications, Qwest Corp.’s 6.5% notes due 2056 were performing better.
The notes (NYSE: CTBB) were up 12 cents to $24.57 on volume of about 39,000 notes.
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