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Morning Commentary: Southern Co. on tap; preferreds continue gains; Two Harbors freed to trade
By Cristal Cody
Tupelo, Miss., Nov. 17 – Southern Co. announced on Friday plans to price $25-par series 2017B junior subordinated notes due Dec. 1, 2077 via five bookrunners.
Pricing action in the preferred stock market has been steady over the week with several deals from issuers including Two Harbors Investment Corp., MB Financial, Inc. and Ladenburg Thalmann Financial Services Inc.
NuStar Energy LP also announced plans earlier in the week to price series C fixed-to-floating rate cumulative redeemable perpetual preferred units.
Preferred stock issuers, especially non-rated entities, have been taking advantage of weaker rates and spreads, a source said on Thursday.
On Friday morning, preferreds continued Thursday’s streak of gains.
The Wells Fargo Hybrid and Preferred Securities index headed up 27 basis points.
The U.S. iShares Preferred Stock ETF rose 13 bps.
Two Harbors Investment’s $275 million of 7.25% series C fixed-to-floating rate cumulative redeemable preferred stock that priced on Thursday was freed to trade early Friday under the temporary symbol “TWWHP.”
Two Harbors plans to apply to list the securities on the New York Stock Exchange under the symbol “TWOPrC.”
In early trading on Friday, Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred shares (NYSE: WFCPrJ) rose 6 cents, or 0.23%, to $26.04.
The preferreds went out on Thursday up 37 cents, or 1.44%, to close at $25.98 in heavy trading after investors realized the securities would not be called on their first optional call date, a market source said. The preferreds have a call date of Dec. 15, 2017.
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