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Morning Commentary: Gladstone Commercial preferreds on tap; Bank of America down
By James McCandless
San Antonio, June 30 – The preferred space began the day with weakness with the Wells Fargo Hybrid & Preferred Securities Financial index starting down by 0.06% as top-volume movers in the secondary market were mixed.
Gladstone Commercial Corp. plans a continuous offering of up to $500 million of series F cumulative redeemable preferred stock.
There is an additional $150 million offered through a dividend reinvestment plan at $22.75 per share.
The preferreds have a liquidation preference of $25.00 per share.
Gladstone Securities is the dealer-manager.
The preferreds are redeemable at $22.50 throughout the offering.
Taking the lead in the secondary market, Bank of America’s 5% series LL non-cumulative preferred stock was under pressure.
The preferreds (NYSE: BACPrN) were down 4 cents to $25.18 on volume of about 45,000 shares.
Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock opened on the positive side.
The preferreds (NYSE: JPMPrJ) were adding 2 cents to $25.12 with about 34,000 shares trading.
Sector peer Wells Fargo & Co.’s 5.2% series N non-cumulative perpetual class A preferreds were trailing.
The preferreds (NYSE: WFCPrN) were declining by 11 cents to $24.67 on volume of about 33,000 shares.
In the telecom space, AT&T Inc.’s 4.75% series C perpetual preferred stock was seen improving as Tuesday kicked off.
The preferreds (NYSE: TPrC) were gaining 3 cents to $23.90 with about 38,000 shares trading.
Meanwhile, Qwest Corp.’s 6.875% notes due 2054 were pushing upward.
The notes (NYSE: CTV) were rising 25 cents to $24.65 on volume of about 22,000 notes.
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