Chicken Soup for the Soul on deck; JPMorgan preferreds dip; AT&T lifted

By James McCandless

San Antonio, July 6 – At the beginning of a new week, the preferred market was largely positive Monday, although there was some deviation among top traders.

In primary activity, Chicken Soup for the Soul Entertainment, Inc. plans to price a $25 million offering of $25-par notes due July 31, 2025.

On top of the secondary space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock dipped.

Elsewhere in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock was carried higher.

Telecom services company AT&T Inc.’s 4.75% series C perpetual preferred stock was lifted as the afternoon ended.

Meanwhile, REIT AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds gained ground.

Oil and gas name Energy Transfer Operating, LP’s 7.375% series C and 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units were under pressure.

Chicken Soup on deck

In Monday primary activity, Chicken Soup for the Soul announced plans to price a $25 million offering of $25-par notes due July 31, 2025.

There is a $3.75 million greenshoe.

Ladenburg Thalmann & Co. Inc. and National Securities Corp. are the bookrunners.

Lead managers are Benchmark Co., LLC and Northland Securities, Inc.

The notes are redeemable on or after July 31, 2022 at par.

JPMorgan dips

On top of the day’s secondary space, JPMorgan’s 6% series EE non-cumulative preferred stock dipped.

The preferreds (NYSE: JPMPrC) were down 18 cents to close at $27.57 on volume of about 298,000 shares.

Elsewhere in the finance space, Bank of America’s 5% series LL non-cumulative preferred stock was carried higher.

The preferreds (NYSE: BACPrN) garnered by 9 cents to close at $25.55 with about 140,000 shares trading.

On Thursday, the preferreds improved by 10 cents.

AT&T rises

Telecom services company AT&T’s 4.75% series C perpetual preferred stock was lifted as the afternoon ended.

The preferreds (NYSE: TPrC) tacked on 10 cents to close at $24.28 on volume of about 214,000 shares.

On Thursday, the preferreds moved up 18 cents.

AGNC gains

Meanwhile, real estate investment trust AGNC’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds spent the day gaining ground.

The preferreds (Nasdaq: AGNCP) jumped up 40 cents to close at $20.94 with about 166,000 shares trading.

Energy Transfer down

Oil and gas name Energy Transfer’s 7.375% series C and 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units were both under pressure.

The series C preferreds (NYSE: ETPPrC) dropped 62 cents to close at $18.09 on volume of about 165,000 shares.

The series D preferreds (NYSE: ETPPrD) dived 80 cents to close at $18.13 on volume of about 160,000 shares.

The company’s structure saw declines amid negative headlines about its Dakota Access Pipeline project being halted by a federal judge.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.