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Morning Commentary: Gladstone plans add-on; SVB under par; Qwest $25-par notes negative
By James McCandless
San Antonio, Dec. 3 – The preferred market continued a negative run with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.15%.
The primary market saw Gladstone Commercial Corp. announce plans to price up to $100 million more of its $25-par 6.625% series E cumulative redeemable preferred stock in an at-the-market offering.
Robert W. Baird & Co. Inc., Goldman Sachs & Co. LLC, Stifel, Nicolaus & Co., Inc., Fifth Third Securities, Inc. and U.S. Bancorp Investments, Inc. are listed as the sales agents.
The preferreds are redeemable on or after Oct. 4, 2024 at par. Prior to that, the preferreds are redeemable within 120 days after a change-of-control or delisting event at par.
In secondary trading, SVB Financial Group’s new $350 million 5.25% series A fixed-rate non-cumulative perpetual preferred stock was moving just under par on its first day.
The preferreds, trading under the temporary symbol “SIVBL,” were seen at $24.96 on volume of about 857,000 shares.
Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock opened the session weaker.
The preferreds (NYSE: COFPrI) were losing 3 cents to $24.75 with about 123,000 shares trading.
Sector peer JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferreds also followed the negative trend.
The preferreds (NYSE: JPMPrJ) were off by 1 cent to $25.11 on volume of about 80,000 shares.
Meanwhile, in communications, Qwest Corp.’s 6.5% notes due 2056 opened the session with a dip.
The notes (NYSE: CTBB) were shaving off 1 cent to $24.81 with about 58,000 notes trading.
Oil and gas name NGL Energy Partners LP’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units were gaining.
The preferreds (NYSE: NGLPrB) were adding 9 cents to $25.19 on volume of about 42,000 shares.
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