Morning Commentary: Hoegh units give back gains; Fannie remains weak; National Storage firms

By Stephanie N. Rotondo

Seattle, Oct. 5 – Preferred stocks were pushing up early Thursday, though not all issues were following the trend.

For instance, Hoegh LNG Partners LP’s $100 million of 8.75% series A cumulative redeemable preferred units – which have been posting sizable gains in the last couple of sessions – were giving back some of their recent gains, slipping 22 cents to trade at $25.48.

The deal priced on Sept. 28. It has a temporary symbol, “HGLPF.”

Fannie Mae’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) were also weaker, declining 2 cents to $6.93.

As for the week’s new issues, National Storage Affiliates Trust’s $150 million of 6% series A cumulative redeemable preferreds – a deal priced Tuesday – were following the upward trend, adding 4 cents to trade at $24.94.

The issue was assigned a temporary ticker on Wednesday, “NSAFP.”

Pricing came at the tight end of the 6% to 6.125% talk.

Wells Fargo Securities LLC, Morgan Stanley & Co. LLC and Jefferies LLC were the joint bookrunners.

State Street Corp.’s 5.35% series G fixed-to-floating rate noncumulative preferreds (NYSE: STTPrG) were another gainer, ticking up 4 cents to $27.20 at mid-morning.

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