MetLife preferreds top par; Ally Financial positive; NuStar Energy jumps

By James McCandless

San Antonio, Jan. 8 – The preferred market turned much of its attention to new issuance in Wednesday trading.

At the top of the secondary, MetLife, Inc.’s new $1 billion 4.75% series F non-cumulative preferred stock ended the first day above par.

Meanwhile, in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities saw positivity.

Oil and gas name NuStar Energy LP’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferred units jumped upward.

Elsewhere, in telecom, AT&T Inc.’s 5% series A perpetual preferred stock spent much of the session trailing.

Real estate developer Brookfield Property Partners LP’s 6.5% series 1 class A cumulative redeemable perpetual preferred units declined.

MetLife above par

In the top spot in secondary trading, insurance company MetLife’s new $1 billion 4.75% series F non-cumulative preferred stock ended its first trading day above par.

The preferreds, trading under the temporary symbol “METFL,” closed at $25.03 on volume of about 7.7 million shares.

The deal priced on Tuesday.

Ally Financial rises

Meanwhile, in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities saw positivity by the end of the session.

The preferreds (NYSE: ALLYPrA) picked up 2 cents to close at $26.12 with about 778,000 shares trading.

On Tuesday, the preferreds dipped 4 cents.

NuStar positive

Oil and gas name NuStar Energy’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferred units jumped upward.

The preferreds (NYSE: NSPrB) shot up 20 cents to close at $22.34 on volume of about 542,000 shares.

AT&T down

Elsewhere, in communications, AT&T’s 5% series A perpetual preferred stock spent much of the session trailing the broader market.

The preferreds (NYSE: TPrA) fell by 10 cents to close at $26.07 with about 385,000 shares trading.

Brookfield dips

Real estate developer Brookfield Property’s 6.5% series 1 class A cumulative redeemable perpetual preferred units also declined as the session ended.

The preferreds (Nasdaq: BPYPP) shaved off 5 cents to close at $26.11 on volume of about 336,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index settled the day up by 0.21%, improving on the 0.18% rise from early Wednesday trading.

The iShares US Preferred Stock ETF was up 4 cents to $37.85.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.