Morning Commentary: Public Storage on tap; Ally Financial improves; Just Energy better

By James McCandless

San Antonio, June 8 – The preferred space was improving early Monday with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.13%.

Kicking off the primary market, Public Storage said it plans to price $25-par series L cumulative preferred shares, according to a 424B5 filing with the Securities and Exchange Commission.

BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the bookrunners.

Dividends are payable on March 31, June 30, Sept. 30 and Dec. 31, starting on Sept. 30, 2020.

The preferreds are redeemable after five years at par.

Meanwhile, Great Southern Bancorp, Inc. plans to sell $1,000-par fixed-to-floating rate subordinated notes due 2030.

Piper Sandler & Co. and Keefe, Bruyette & Woods, Inc. are the bookrunners.

The coupon is fixed for five years, then converts to a floating rate of the three-month SOFR plus a spread.

Leading Monday morning secondary trading volume, retirement services name Athene Holding Ltd.’s new 6.375% series C fixed-rate reset perpetual non-cumulative preference shares were active but unchanged so far.

The preferreds, trading under the temporary symbol “ATHHL,” were holding level at $25.40 on volume of about 124,000 shares.

Elsewhere, in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were improving.

The preferreds (NYSE: ATHPrA) were gaining 19 cents to $24.09 with about 89,000 shares trading.

Sector peer Synchrony Financial’s 5.625% series A fixed-rate non-cumulative perpetual preferreds were also receiving a boost.

The preferreds (NYSE: SYFPrA) were picking up 19 cents to $21.97 on volume of about 63,000 shares.

Utilities provider Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares were being boosted.

The preferreds (NYSE: JEPrA) were jumping 72 cents to $2.44 with about 71,000 shares trading.

Meanwhile, Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferred stock was also positive as the day started.

The preferreds (NYSE: PEIPrC) were picking up $1.69 to $9.87 on volume of about 57,000 shares.

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