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Morning Commentary: First Republic preps preferreds; Fortress under par; JPMorgan gains
By James McCandless
San Antonio, Nov. 25 – The preferred market started off a short week largely improving, though the Wells Fargo Hybrid & Preferred Securities Financial index began down by 0.01%.
Leading off in the primary market, First Republic Bank plans to price an offering of $25-par series J non-cumulative perpetual preferred stock, according to a press release.
BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
In early secondary trading, Fortress Transportation & Infrastructure Investors LLC’s new $100 million 8% series B fixed-to-floating rate cumulative redeemable perpetual preferred shares were moving under par on their first day.
The preferreds, trading under the temporary symbol “FTABP,” were seen at $24.86 on volume of about 711,000 shares.
Meanwhile, in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferreds were moving higher.
The preferreds (NYSE: JPMPrG) were adding 7 cents to $25.24 with about 93,000 shares trading.
Sector peer AXA Equitable Holdings, Inc.’s new 5.25% series A fixed-rate non-cumulative perpetual preferred stock was improving.
The preferreds trading under the temporary symbol “AXQEL,” were rising 2 cents to $25.87 on volume of about 83,000 shares.
Synchrony Financial’s 5.625% series A non-cumulative perpetual preferreds were following the morning trend.
The preferreds (NYSE: SYFPrA) were rising 6 cents to $25.36 with about 59,000 shares trading.
Elsewhere, real estate investment trust Public Storage’s 4.7% series J cumulative preferred shares were also being pushed higher.
The preferreds (NYSE: PSAPrJ) were tacking on 7 cents to $25.11 on volume of about 44,000 shares.
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