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Morning Commentary: New Residential falls; Annaly Capital trails; Energy Transfer gains
By James McCandless
San Antonio, April 3 – Though top traders varied, the preferred market started the day with a loss as the Wells Fargo Hybrid & Preferred Securities Financial index began down by 0.32%.
On top of early Friday trading, real estate investment trust New Residential Investment Corp.’s 7.125% series B and 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock was falling.
The series B preferreds (NYSE: NRZPrB) were down $2.04 to $9.96 on volume of about 143,000 shares.
The series C preferreds (NYSE: NRZPrC) were shedding $2.30 to $8.65 on volume of about 81,000 shares.
Sector peer Two Harbors Investment Corp.’s 8.125% series A fixed-to-floating rate cumulative redeemable preferred stock was also under water.
The preferreds (NYSE: TWOPrA) were losing $1.96 to $12.65 with about 47,000 shares trading.
Asset manager Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds were also trailing
The preferreds (NYSE: NLYPrF) were dipping 97 cents to $15.02 on volume of about 97,000 shares.
Meanwhile, Energy Transfer Operating, LP’s 7.625% series D and 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were gaining ground.
The series D preferreds (NYSE: ETPPrD) were adding 20 cents to $14.85 with about 67,000 shares trading.
The series E preferreds (NYSE: ETPPrE) were picking up 25 cents to $14.80 with about 62,000 shares trading.
Elsewhere in the energy space, NuStar Logistics, LP’s 7.625% fixed-to-floating rate subordinated notes due 2043 were also receiving a positive bump.
The notes (NYSE: NSS) were rising 71 cents to $13.27 on volume of about 59,000 notes.
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