Signature Bank negative; Energy Transfer improves; Gladstone preferreds rise

By James McCandless

San Antonio, Dec. 15 – During the Tuesday session, the preferred market made gains, including most of the day’s volume leaders.

An exception, again at the top of the secondary activity, Signature Bank’s new 5% series A non-cumulative perpetual preferred stock took a negative turn.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.7% series AA non-cumulative class A non-cumulative perpetual preferreds picked up steam.

Sector peer Bank of America Corp.’s 4.375% series NN non-cumulative preferred stock ended on the positive side.

Oil and gas name Energy Transfer Operating LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units improved.

Meanwhile, middle-market investor Gladstone Capital Corp.’s 6.125% notes due 2023 were on the rise throughout the day.

Signature down

On top of the secondary activity for a third trading day in a row, Signature Bank’s new 5% series A non-cumulative perpetual preferred stock took a negative turn.

The preferreds, trading under the temporary symbol “SBNYL,” were down 1 cent to close at $24.89 on volume of about 1.5 million shares.

On Monday, the preferreds shifted up 2 cents.

Elsewhere in the finance space, Wells Fargo’s 4.7% series AA non-cumulative class A non-cumulative perpetual preferreds picked up steam.

The preferreds (NYSE: WFCPrA) hopped up 21 cents to close at $25.81 with about 502,000 shares trading.

Sector peer Bank of America’s 4.375% series NN non-cumulative preferred stock ended the session on the positive side.

The preferreds (BACPrO) tacked on 2 cents to close at $26.14 on volume of about 229,000 shares trading.

On Monday, the preferreds improved by 4 cents.

Energy Transfer improves

Oil and gas name Energy Transfer’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units improved.

The preferreds (NYSE: ETPPrD) reached up 3 cents to close at $21.49 with about 249,000 shares trading.

Gladstone rises

Meanwhile, middle-market investor Gladstone Capital’s 6.125% notes due 2023 were on the rise throughout the day.

The notes (Nasdaq: GLADD) grabbed 4 cents to close at $25.28 on volume of about 249,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.36% on Tuesday.

The index capped Monday up by 0.22%, rounded out Friday up by 0.06% and ended down 0.21% on Thursday.

The iShares US Preferred Stock ETF was up 19 cents to $38.13.

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