Dynagas LNG sells preferreds; Brunswick exercises partial greenshoe; JPMorgan lower

By James McCandless

San Antonio, Oct. 16 – The preferred market saw more activity in the primary space as the secondary strengthened.

Dynagas LNG Partners LP priced a $55 million offering of $25-par series B fixed-to-floating rate cumulative redeemable perpetual preferred units with an initial dividend of 8.75%.

Underwriters for Brunswick Corp.’s 6.5% $25-par senior notes (Baa2/BBB-/BBB) due Oct. 15, 2048 exercised a $10 million portion their $26.25 million over-allotment option on Friday.

The preferreds (NYSE: BCPrA) were down 1 cent to $24.95 on volume of about 104,000 shares.

In the secondary, JPMorgan Chase & Co.’s recent 5.75% series DD non-cumulative preferred stock declined.

The preferreds (NYSE: JPMPrD) were down 2 cents to close at $24.98 with about 954,000 shares trading.

Elsewhere in the financial space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities also fell while U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock improved.

Real estate investment trust Global Net Lease, Inc.’s 7.25% series A cumulative redeemable preferred stock also fell.

The preferreds (NYSE: GNLPrA) were down 13 cents to close at $25.00 on volume of about 190,000 shares.

In the insurance space, Allstate Corp.’s 6.625% series E fixed-rate non-cumulative perpetual preferred stock improved.

The preferreds (NYSE: ALLPrE) were up 3 cents to close at $25.36 with about 107,000 shares trading.

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