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Morning Commentary: Rexford plans preferreds; Fifth Third dips; American Finance lower
By James McCandless
San Antonio, Sept. 13 – The preferred market started the last day of the week on the negative side with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.13%.
The primary space saw Rexford Industrial Realty, Inc. announce plans to price $25-par series C cumulative redeemable preferred stock.
BofA Securities, Inc. and Morgan Stanley & Co. LLC are the joint bookrunners.
The preferreds are redeemable after five years at par. Prior to that, they are redeemable within 120 days after a change of control at par.
Leading early trading, Fifth Third Bancorp’s new $250 million 4.95% series K non-cumulative perpetual preferred stock was pushed under par on its first day of trading.
The preferreds, trading under the temporary symbol “FFFKP,” were seen at $24.90 on volume of about 912,000 shares.
Elsewhere in the banking and finance space, Capital One Financial Corp.’s recent 5% series I fixed-rate non-cumulative perpetual preferred stock was also under pressure.
The preferreds, trading under the temporary symbol “COFOL,” were losing 2 cents to $24.65 with about 160,000 shares trading.
Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the morning’s trend.
The preferreds (NYSE: ALLYPrA) were down 4 cents to $26.23 on volume of about 41,000 shares.
Real estate investment trust American Finance Trust, Inc.’s 7.5% series A cumulative redeemable perpetual preferreds were trailing.
The preferreds (Nasdaq: AFINP) were declining by 9 cents to $25.48 with about 29,000 shares trading.
Pennsylvania Real Estate Investment Trust’s 6.875% series D cumulative redeemable perpetual preferreds weren’t fairing any better.
The preferreds (NYSE: PEIPrD) were off by 11 cents to $19.88 on volume of about 29,000 shares.
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