Algonquin greenshoe exercised; Bank of America lower; Dynagas drops below par

By James McCandless

San Antonio, Oct. 17 – Wednesday in the preferred space saw a mixed session coupled with moderate trading volume.

Underwriters for Algonquin Power & Utilities Corp.’s $25-par series 2018-A fixed-to-floating rate subordinated notes due Oct. 17, 2078 fully exercised their $37.5 million over-allotment option.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock declined.

The preferreds (NYSE: BACPrK) were down 7 cents to close at $24.99 on volume of about 636,000 shares.

Elsewhere in the financial sector, JPMorgan Chase & Co.’s recent 5.75% series DD non-cumulative preferred stock improved.

The preferreds (NYSE: JPMPrD) were up 4 cents to close at $25.02 with about 581,000 shares trading.

Meanwhile, Dynagas LNG Partners LP’s new $55 million 8.75% series B fixed-to-floating rate cumulative redeemable perpetual preferred units ended the session below par.

The preferreds, trading under the temporary symbol “DGAGF,” were spotted ending the session at $24.65 on volume of about 446,000 shares.

Enstar Group Ltd.’s 7% series D fixed-to-floating rate perpetual preferreds fell in the insurance sector.

The preferreds (Nasdaq: ESGRP) were down 4 cents to close at $25.69 with about 280,000 shares trading.

In the agriculture space, CHS, Inc.’s 6.75% series 3 class B reset rate cumulative redeemable preferred stock gained.

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