Morning Commentary: Preferreds, recent deals mixed in volatile morning session

By Abigail W. Adams

Portland, Me., Feb. 12 – The preferreds market was off to a volatile start early Monday with the Wells Fargo Hybrid & Preferred Securities Financial index seesawing between positive and negative territory.

The Wells Fargo Hybrid & Preferred Securities Financial index was up about 0.01% early Monday but was unable to hold onto its gain and slipped to down 0.09% shortly before 12 p.m. ET.

The U.S. iShares Preferred Stock ETF, however, was up 0.10%.

Alongside the broader market, several recently listed deals were also mixed with some down and some up early in Monday’s session.

Great Elm Capital Corp.’s 6.75% notes due 2025, which trade on Nasdaq under the ticker “GECCM,” were down 8 cents, or 0.33%, to $24.27 early Monday.

UMH Properties’ 6.375% series D cumulative redeemable preferred stock, which trades on the NYSE under the ticker “UMHPrD,” was down 10 cents, or 0.41%, to $24.00.

Teekay Offshore Partners LP’s 8.875% perpetual series E fixed-to-floating rate cumulative redeemable preference units, which trade under the ticker “TOOPrE,” were up 15 cents, or 0.61%, to $24.65.

GasLog Partners LP’s 8.2% series B fixed-to-floating rate preference units, which trade under the ticker “GLOPPrB,” were down 5 cents, or 0.20%, to $24.80.

Jernigan Capital, Inc.’s recently priced 7% series B cumulative redeemable preferred stock, which trade under the ticker “JCAPPrB,” was up 24 cents, or 1.04%, to $23.35.

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