Global Ship, American Equity price; BancorpSouth, Compass below par; JPMorgan weaker

By James McCandless

San Antonio, Nov. 14 – The preferred market ended the Thursday session with an upward trend.

The primary market saw Global Ship Lease, Inc. price a $27.5 million offering of $25-par senior notes due Dec. 31, 2024 at par with a coupon of 8%.

American Equity Investment Life Holding Co. priced a $400 million offering of series A fixed-rate reset non-cumulative preferred stock at par with a dividend of 5.95%.

On its first trading day, BancorpSouth Bank’s new $150 million 5.5% series A non-cumulative perpetual preferred stock finished below par.

Elsewhere in finance, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative perpetual preferred stock ended weaker.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds improved.

Middle market name Compass Diversified Holdings LLC’s new $100 million 7.875% series C cumulative preferred shares also closed under par.

Oil and gas company Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units dropped.

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