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Morning Commentary: MTBC sells preferreds; Citigroup positive; Energy Transfer higher
By James McCandless
San Antonio, April 23 – The preferred market started Thursday morning higher with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.38%.
Making a mark on the primary space this morning, health care information technology name MTBC, Inc. announced the pricing of $18 million more of its $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 11%.
There is a $2.7 million greenshoe.
The deal was first talked at $15 million
B. Riley FBR Inc., Ladenburg Thalmann & Co. Inc. and National Securities Corp. are the joint bookrunners.
Also leading secondary trading, the preferreds (Nasdaq: MTBCP) were falling 71 cents to $24.20 on volume of about 134,000 shares.
Meanwhile, in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities started on the positive side.
The preferreds (NYSE: CPrN) were up 2 cents to $26.89 with about 80,000 shares trading.
Sector peer Goldman Sachs Group, Inc.’s 6.3% series N non-cumulative preferred stock and its series D floating-rate non-cumulative preferred stock were both climbing.
The series N preferreds (NYSE: GSPrN) were adding 34 cents to $26.30 on volume of about 51,000 shares.
The series D preferreds (NYSE: GSPrD) were picking up 19 cents to $19.97 on volume of about 45,000 shares.
JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were following the early positive trend.
The preferreds (NYSE: JPMPrC) were gaining 5 cents to $26.62 with about 42,000 shares trading.
Elsewhere, in oil and gas, Energy Transfer Operating LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units were pushing higher.
The preferreds (NYSE: ETPPrD) were improving by 59 cents to $18.00 on volume of about 46,000 shares.
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