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Morning Commentary: Enstar’s new preferreds under par; Bank of America, PG&E weaken
By James McCandless
San Antonio, Nov. 15 – The preferred market opened Thursday in negative territory with the Wells Fargo Hybrid & Preferred Securities Financial index falling 0.20% at the open.
At the top of trading, Enstar Group Ltd.’s new upsized $110 million series E perpetual non-cumulative preference shares were below par on their first trading day.
The preferreds, trading under the temporary symbol “ESGRL,” were spotted at $24.65 on volume of about 463,000 shares.
The deal priced on Wednesday.
In the finance space, Bank of America Corp.’s 5.875% series HH non-cumulative preferreds led the secondary lower.
The preferreds (NYSE: BACPrK) were down 16 cents to $24.49 with about 404,000 shares trading.
JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also declining at the start of the session.
The preferreds (NYSE: JPMPrD) were down 18 cents to $24.61 on volume of about 139,000 shares.
Meanwhile, Citigroup Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferreds were also weaker.
The preferreds (NYSE: CPrK) were off 10 cents to $26.50 with about 65,000 shares trading.
Utility PG&E Corp.’s 6% cumulative nonredeemable preferreds were sliding.
The preferreds (NYSE: PCGPrA) dropped 97 cents to $17.01 on volume of about 38,000 shares.
The company’s common and preferred equity has been under pressure as the market grows more concerned about its assets and liability amid active wildfires in California.
News broke Thursday that some victims of the fire have filed a lawsuit against the company, alleging that the utility was negligent in managing its infrastructure just before the fires began.
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