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Morning Commentary: Preferred stocks firm as quarter ends; Legacy mixed, Breitburn up as oil rises
By Stephanie N. Rotondo
Seattle, March 31 – The preferred stock market was looking to end the first quarter with a positive tone in Thursday trading.
The Wells Fargo Hybrid and Preferred Securities index was up 9 basis points at mid-morning.
In early trading, Legacy Reserves LP was both the biggest percentage loser and gainer as oil prices pushed up 1.5% on a weaker dollar.
Legacy’s 8% series A fixed-to-floating rate cumulative redeemable perpetual preferred units (Nasdaq: LGCYP) were off a dime, or 3.92%, at $2.45. However, the 8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units (Nasdaq: LGCYO) were up 14 cents, or 5.95%, at $2.49.
Breitburn Energy Partners LP’s 8.25% series A cumulative redeemable perpetual preferred units (Nasdaq: BBEPP) – Wednesday’s biggest percentage loser – was recovering ground, rising 39 cents, or 5.08%, to $8.06.
Among recently priced deals, a trader said the Gabelli Equity Trust Inc.’s $80 million of 5.45% series J cumulative redeemable preferreds were trading under a temporary symbol, “GBQTP.”
He pegged the issue at $24.95 bid, par offered.
The deal priced Monday.
Torchmark Corp.’s $300 million of 6.125% $25-par junior subordinated debentures due 2056 – a deal from Tuesday – was placed at $25.14 bid, $25.17 offered.
And, Landmark Infrastructure Partners LP’s $20 million issue of 8% series A cumulative redeemable perpetual preferred units were seen offered at $24.80.
That deal came late Wednesday. It was first announced on Tuesday.
RBC Capital Markets, LLC, FBR Capital Markets & Co., Janney Montgomery Scott LLC, Wunderlich Securities, Inc., Incapital LLC and Oppenheimer & Co. Inc. were the joint bookrunners.
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