Morning Commentary: Brookfield preferreds improve; Allstate gains; Just Energy better

By James McCandless

San Antonio, Aug. 19 – Active issuers in the preferred secondary market initially lacked clear direction as the broader market improved. The Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.12%.

At the top of early activity, Brookfield Property Partners LP’s recent 6.375% series 2 class A cumulative redeemable perpetual preferred units opened higher.

The preferreds (NYSE: NRZPrB) were up 3 cents to $24.93 on volume of about 140,000 shares.

Meanwhile, insurance name Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock was also gaining.

The preferreds (NYSE: ALLPrH) were improving by 3 cents to $25.65 with about 43,000 shares trading.

In utilities, Just Energy Group Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferreds were moving higher.

The preferreds (NYSE: JEPrA) were gaining 10 cents to $17.50 on volume of about 32,000 shares.

Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were on the rise early.

The preferreds (NYSE: ETPPrE) were up 12 cents to $24.87 with about 26,000 shares trading.

Elsewhere, in finance, Bank of America Corp.’s 6% series GG non-cumulative preferred stock was slightly higher.

The preferreds (NYSE: BACPrB) were up 3 cents to $26.88 on volume of about 27,000 shares.

© 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.