Preferreds mixed; Gamco brings deal; Teekay modestly better; National Storage softens

By Cristal Cody

Tupelo, Miss., Oct. 23 – The preferred stock market ended mixed on Monday.

The U.S. iShares Preferred Stock ETF was up 5 basis points on the day.

The Wells Fargo Hybrid and Preferred Securities index closed 8 bps lower.

In new issuance, Gamco Natural Resources Gold & Income Trust priced $30 million of 5.2% cumulative preferreds in a 1.2 million share offering.

The series A preferreds are expected to start trading on the New York Stock Exchange under the symbol “GNTPrA” within 30 days of issuance.

In trading on Monday, Teekay LNG Partners LP’s $150 million of 8.5% series B fixed-to-floating rate cumulative redeemable perpetual preferred units that priced on Oct. 16 closed up 2 cents at $25.02 after trading 5 cents better early in the session.

The preferreds, priced by the Hamilton, Bermuda-based provider of marine transportation services for liquefied gas, petroleum and oil, were issued the temporary symbol “TKYYF” and freed to trade on Oct. 17.

National Storage Affiliates Trust’s new 6% series A cumulative redeemable preferreds (NYSE: NSAPrA) fell 9 cents to close at $25.39. The preferreds traded 15 cents weaker at the start of the day.

The Greenwood Village, Colo.-based real estate investment trust sold $150 million of the $25-par 6% preferreds on Oct. 3. With the underwriters’ exercise of an over-allotment option, the total deal size is $172.5 million.

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