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Morning Commentary: Prospect Capital starts at-the-market offering; JPMorgan lower
By James McCandless
San Antonio, Feb. 8 – The preferred market saw modest volume at the start of Friday’s session as the Wells Fargo Hybrid & Preferred Securities Financial index started lower by 0.12%.
Prospect Capital Corp. has entered into an agreement to sell up to $100 million more each of its $25-par 6.25% notes due 2024, 6.25% notes due 2028 and 6.875% notes due 2029.
B. Riley FBR, Inc., BB&T Capital Markets and Comerica Securities, Inc. are listed as the sales agents.
Sales will be by means of ordinary brokers’ transactions at prices related to prevailing market prices or at negotiated prices. The sales agents will receive a commission equal to 2% of the gross sale price of the notes.
The notes are redeemable on or after Dec. 15, 2018, June 15, 2021 or Dec. 15, 2021, respectively.
In the secondary, JPMorgan Chase & Co.’s recent 6% series EE non-cumulative preferred stock began trading lower.
The preferreds (NYSE: JPMPrC) started lower by 2 cents to $25.65 on volume of about 36,000 shares.
Elsewhere in finance, BB&T Corp.’s 5.85% series D non-cumulative perpetual preferred stock was also negative.
The preferreds (NYSE: BBTPrD) were down 7 cents to $25.13 with about 27,000 shares trading.
Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were on the rise.
The preferreds (NYSE: CPrN) started up by 2 cents to $26.32 on volume of about 24,000 shares.
Meanwhile, real estate investment trust Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds started Friday worse off.
The preferreds (NYSE: NLYPrF) were down 6 cents to $25.17 with about 29,000 shares trading.
In utilities, Southern California Edison, a subsidiary of Edison International, saw its 5% trust preferred securities start out positive.
The preferreds (NYSE: SCEPrL) were up 13 cents to $19.28 on volume of about 25,000 shares.
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