Morning Commentary: MetLife’s new preferreds lead mixed market; Energy Transfer improves

By James McCandless

San Antonio, June 5 – MetLife, Inc.’s $805 million issue of 5.625% series E non-cumulative preferred stock started Tuesday leading preferred trading with about 446,000 shares exchanged.

The deal was priced Wednesday for $700 million and was increased to $805 million on Friday after the greenshoe was exercised. The issue has been in high demand since pricing.

The preferreds, under the temporary ticker MTLLP, were up 2 cents to $25.22 in early trading.

Energy Transfer Partners, LP’s recent 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units were a distant second with about 197,000 shares trading.

The company announced its intention on Tuesday to price four tranches of senior notes.

A recent first-quarter report showed mixed results, with earnings falling short of analyst estimates and revenue beating predictions.

The preferreds (NYSE: ETPPrC) were up 3 cents to $25.05.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.02% in early trading, reversing the 0.05% gain at market close on Monday.

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