Braemar taps market; GasLog’s recent preferred shares move higher; JPMorgan declines

By James McCandless

San Antonio, Nov. 13 – The preferred space saw moderate trading volume and mixed results as a new deal came to market.

Braemar Hotels & Resorts, Inc. priced $40 million of $25-par series D cumulative perpetual preferred stock at par with a dividend of 8.25%.

In the secondary, GasLog Partners LP’s $100 million 8.5% series C cumulative redeemable perpetual fixed-to-floating rate preference units traded up.

Elsewhere in the energy sector, Teekay Offshore Partners LP’s 7.25% series A cumulative redeemable preferred units declined.

The finance space saw losses in JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock.

Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended the session higher.

In the insurance space, Maiden Holdings, Ltd.’s 7.75% notes due 2043 fell.

Braemar prices

Braemar priced $40 million of $25-par series D cumulative perpetual preferred stock at par with a dividend of 8.25%.

The deal was announced Tuesday morning.

There is a $6 million greenshoe.

Morgan Stanley & Co. LLC, UBS Securities LLC and Citigroup Global Markets Inc. are the joint bookrunners.

GasLog gains

GasLog’s recent $100 million 8.5% series C cumulative redeemable perpetual fixed-to-floating rate preference units gained, leading the secondary.

The preferreds, trading under the temporary symbol “GLOUF,” were up 4 cents to close at $24.50 on volume of about 522,000 shares.

Elsewhere, Teekay Offshore’s 7.25% series A cumulative redeemable preferreds saw a large drop in a largely bleak day in the energy sector.

The preferreds (NYSE: TOOPrA) were down 69 cents to close at $16.27 with about 194,000 shares trading.

JPMorgan down

Meanwhile, in the finance space, JPMorgan’s 5.75% series DD non-cumulative preferred stock declined.

The preferreds (NYSE: JPMPrD) were down 4 cents to close at $24.89 on volume of about 255,000 shares.

On Monday, the preferreds lost 1 cent.

Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities gained.

The preferreds (NYSE: ALLYPrA) were up 9 cents to close at $25.99 with about 253,000 shares trading.

Maiden lower

Insurance provider Maiden Holdings’ 7.75% notes due 2043 saw a large decline in Tuesday trading.

The notes (NYSE: MHNC) were down 51 cents to close at $22.81 on volume of about 241,000 notes.

On Monday, the notes jumped up $3.01.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.07% at the close, improving on a 0.03% gain at the start of Tuesday’s session.

The iShares US Preferred Stock ETF was down 3 cents to $35.91.

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