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Morning Commentary: MTBC on tap; AT&T preferreds higher; NGL Energy gains
By James McCandless
San Antonio, July 16 – The preferred market started on weaker footing Thursday morning with the Wells Fargo Hybrid & Preferred Securities Financial index opening down by 0.07% while top traders moved up.
In the primary space, MTBC, Inc. announced its plans to price an additional $20 million more of its series A cumulative redeemable perpetual preferred stock at $25.00 per share with a dividend of 11%
There is a $3 million greenshoe.
B. Riley FBR, Inc., Ladenburg Thalmann & Co. Inc. and National Securities Corp. are the bookrunners.
The preferreds are redeemable on or after Nov. 4, 2020 at par. Prior to that, the preferreds are redeemable within 120 days after a change of control.
At the start of Thursday activity, the preferreds (Nasdaq: MTBCP) were down 46 cents to $25.06 on volume of about 71,000 shares.
Elsewhere, leading secondary trading, telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock was pushing higher.
The preferreds (NYSE: TPrC) were picking up 20 cents to $24.20 with about 104,000 shares trading.
Oil and gas name NGL Energy Partners LP’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units were also following the positive trend.
The preferreds (NYSE: NGLPrB) were rising 10 cents to $13.50 on volume of about 54,000 shares.
Meanwhile, in the finance space, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were relatively active but unchanged so far.
The preferreds (NYSE: WFCPrQ) were holding level at $24.50 with about 36,000 shares trading.
Utilities name Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 opened on the positive side.
The notes (NYSE: SOJA) were improving by 1 cent to $25.47 on volume of about 34,000 notes.
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