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Morning Commentary: PennantPark plans $25-par notes; Bank of America preferreds gain
By James McCandless
San Antonio, Sept. 24 – The preferred space started Tuesday gaining with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.10%.
In the primary market, PennantPark Investment Corp. announced plans to price an offering of $25-par notes due Oct. 15, 2024
Keefe, Bruyette & Woods, Inc. and Morgan Stanley & Co. LLC are the joint bookrunners.
Co-managers are BB&T Capital Markets, Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc. and Maxim Group LLC.
The notes are redeemable on or after Oct. 15, 2021 at par.
At the start of the morning’s trading, Bank of America Corp.’s 5% series LL non-cumulative preferred stock was on an upward trend.
The preferreds (NYSE: BACPrN) were up 2 cents to $25.22 on volume of about 147,000 shares.
Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were under water, going against the prevailing trend.
The preferreds (NYSE: COFPrI) were declining by 4 cents to $24.91 with about 104,000 shares trading.
Sector peer Goldman Sachs Group, Inc.’s 5.5% series J fixed-to-floating rate perpetual non-cumulative preferreds were gaining.
The preferreds (NYSE: GSPrJ) were adding 4 cents to $26.84 on volume of about 55,000 shares.
Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferred shares also opened the session on a positive push.
The preferreds (NYSE: PEIPrC) were improving by 6 cents to $19.00 with about 57,000 shares trading.
Insurance name Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds followed the market higher.
The preferreds (NYSE: ALLPrH) were up 5 cents to $26.31 on volume of about 57,000 shares.
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