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Morgan Stanley taps market; American Equity improves; Energy Transfer negative
By James McCandless
San Antonio, Nov. 18 – The preferred market opened the week on a downward trend, although the most active traders saw mixed activity.
The primary market saw Morgan Stanley price a $500 million offering of $25-par series L non-cumulative preferred stock at par with a dividend of 4.875%.
In secondary trading, American Equity Investment Life Holding Co.’s new 5.95% series A fixed-rate reset non-cumulative preferred stock improved.
Meanwhile, in finance, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative perpetual preferreds moved up.
Sector peer Synchrony Financial’s recent 5.625% series A non-cumulative perpetual preferred stock also gained.
Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were under pressure.
Elsewhere, in oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units slid.
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