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Morning Commentary: WhiteHorse offering eyed; UMH Properties gains; Citigroup lower
By James McCandless
San Antonio, Nov. 8 – The preferred space began Thursday climbing higher amid low trading volume with the Wells Fargo Hybrid & Preferred Securities Financial index up 0.12% at the start of the session.
WhiteHorse Finance, Inc. plans to price an offering of $25-par notes due 2025.
Ladenburg Thalmann & Co. Inc., BB&T Capital Markets and Janney Montgomery Scott LLC are the joint bookrunners. B. Riley FBR, Inc., Incapital LLC and Oppenheimer & Co. Inc. are the lead managers.
The notes are redeemable after three years.
In the secondary, real estate investment trust UMH Properties, Inc.’s 6.75% series C cumulative redeemable preferred stock started higher.
The preferreds (NYSE: UMHPrC) were up 6 cents to $23.17 on volume of about 58,000 shares.
Elsewhere, in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferreds declined.
The preferreds (NYSE: CPrN) were down 2 cents to $26.52 with about 42,000 shares trading.
JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was trading higher early Thursday.
The preferreds (NYSE: JPMPrD) were up 5 cents to $24.90 on volume of about 38,000 shares.
Bank of America Corp.’s 6.5% series Y non-cumulative preferreds were also moving up early in the session.
The preferreds (NYSE: BACPrY) gained 3 cents to $25.67 with about 27,000 shares trading.
Insurance provider Hartford Financial Services Group, Inc.’s $345 million 6% series G non-cumulative perpetual preferred stock opened lower.
The preferreds, trading under the temporary symbol “HIGJL,” were off 4 cents to $25.11 on volume of about 42,000 shares.
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