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Morning Commentary: Urstadt Biddle preps offering; Gladstone tops par; Capital One dips
By James McCandless
San Antonio, Sept. 26 – The preferred market was under pressure on Thursday with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.06%.
The primary market remained steady as Urstadt Biddle Properties Inc. said it would price an offering of $25-par series K cumulative redeemable preferred stock.
Wells Fargo Securities, LLC and BMO Capital Markets Corp. are the joint bookrunners.
The preferreds are redeemable after five years at par. Prior to that, they are redeemable within 120 days after a change-of-control event.
In the secondary, real estate investment trust Gladstone Commercial Corp.’s new $60 million 6.625% series E cumulative redeemable preferred stock was trading above par.
The preferreds, trading under the temporary symbol “GLSDP,” were seen trading at $25.30 on volume of about 295,000 shares.
Elsewhere, in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds started the day losing.
The preferreds (NYSE: COFPrI) were declining by 6 cents to $24.87 with about 195,000 shares trading.
Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock was relatively active but unmoved early in the session.
The preferreds (NYSE: BACPrN) were rigid at $25.30 on volume of about 103,000 shares.
JPMorgan Chase & Co.’s 6.125% series Y non-cumulative preferred stock opened on the negative side of the space.
The preferreds (NYSE: JPMPrF) were off by 1 cent to $25.49 with about 83,000 shares trading.
In utilities, Southern Co.’s 5.25% series 2016A junior subordinated notes due 2076 were falling in morning trading.
The notes (NYSE: SOJB) were dropping 19 cents to $26.66 on volume of about 123,000 notes.
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