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Morning Commentary: Allstate on tap, preferreds sink; Energy Transfer up; Qwest dips
By James McCandless
San Antonio, Aug. 1 – Thursday’s open saw the preferred space gain overall with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.20%, though top traders trended downward.
In the primary space, Allstate Corp. plans to price an offering of $25-par series H fixed-rate non-cumulative perpetual preferred stock.
BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC are the joint bookrunners.
The preferreds are redeemable on or after Oct. 15, 2024. Prior to that, they are redeemable within 90 days after a ratings agency event.
In the secondary, the company’s existing 6.625% series E and 6.625% series D fixed-rate non-cumulative perpetual preferred stock were both trading lower early.
The series E preferreds (NYSE: ALLPrE) were down 5 cents to $25.47 on volume of about 98,000 shares.
The series D preferreds (NYSE: ALLPrD) sank 79 cents to $25.75 on volume of about 33,000 shares.
Meanwhile, in the energy space, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were gaining.
The preferreds (NYSE: ETPPrE) were rising 7 cents to $24.94 with about 63,000 shares trading.
Sector peer NuStar Energy LP’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferreds were also starting the session better.
The preferreds (NYSE: NSPrB) were improving by 5 cents to $21.40 on volume of about 42,000 shares.
Communications name Qwest Corp.’s 6.75% notes due 2057 and its 6.5% notes due 2056 were both trailing as the day began.
The 6.75% notes (NYSE: CTDD) were losing 14 cents to $25.32 with about 47,000 notes trading.
The 6.5% notes (NYSE: CTBB) were down 11 cents to $24.53 with about 46,000 notes trading.
Telecom giant AT&T, Inc.’s 5.35% global notes due 2066 were also under water.
The notes (NYSE: TBB) were off by 2 cents to $26.91 on volume of about 32,000 notes.
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