Preferred stock primary market picks up; GasLog sells $100 million; preferreds improve

By Cristal Cody

Tupelo, Miss., Jan. 9 – Pricing action in the preferred stock market is gearing up following the first issuance of the year on Monday.

On Tuesday, GasLog Partners LP priced $100 million of 8.2% series B cumulative redeemable perpetual fixed-to-floating rate preference units. If the securities are not called, the units convert on March 15, 2023 to a floating rate of Libor plus 583.9 basis points.

On Monday, Annaly Capital Management, Inc. sold $425 million of 6.5% series G fixed-to-floating rate perpetual cumulative redeemable preferred stock. The preferreds convert on March 31, 2023 to a floating rate of Libor plus 417.2 bps.

Annaly’s preferred shares were freed to trade over the counter under the temporary symbol “ACMGP” and closed up 4 cents, or 0.16%, on Tuesday at $24.75.

The broader preferred stock market stayed positive at the end of the day.

The U.S. iShares Preferred Stock ETF climbed 26 bps, while the Wells Fargo Hybrid and Preferred Securities index closed up 3 bps.

In other trading during the session, Arch Capital Ltd.’s reopened depositary shares that represent a 1/1,000th interest in its 5.45% series F non-cumulative perpetual preferred stock (Nasdaq: ACGLO) held on to most of Monday’s gains. The preferreds, which rose 30 cents, or 1.2%, to $25.38, on Monday, headed out on Tuesday down 6 cents, or 0.24%, at $25.32.

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