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Morning Commentary: eWellness preferreds on tap; Morgan Stanley gains; NuStar weaker
By James McCandless
San Antonio, Dec. 18 – The preferred market opened Wednesday negative with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.03%.
In the primary market, eWellness Healthcare Corp. plans to price an offering of up to $50 million $25-par cumulative perpetual preferred stock with a dividend of 13%.
The company plans to allow common stockholders to exchange up to $1.2 million of common stock for preferred units.
The warrants are exercisable for five years.
The preferreds are redeemable after three years.
Leading in the secondary, Morgan Stanley’s 4.875% series A non-cumulative preferred stock was gaining despite the pullback.
The preferreds (NYSE: MSPrL) were up 8 cents to $25.14 on volume of about 322,000 shares.
Elsewhere in the finance space, First Republic Bank’s 4.7% series J non-cumulative perpetual preferred stock was losing ground.
The preferreds (NYSE: FRCPrJ) were dipping 4 cents to $25.05 with about 99,000 shares trading.
Oil and gas company NuStar Energy LP’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferred units were also weaker as the morning started.
The preferreds (NYSE: NSPrB) were off 1 cent to $21.34 on volume of about 191,000 shares.
Sector peer Energy Transfer Operating LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units were also declining.
The preferreds (NYSE: ETPPrD) edged 1 cent lower to $24.77 with about 98,000 shares trading.
Telecom name AT&T Inc.’s 5.35% global notes due 2066 were diving early.
The notes (NYSE: TBB) were falling 15 cents to $26.41 on volume of about 51,000 notes.
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