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Morning Commentary: Ontrak taps $25-par market; Citigroup preferreds lower; AT&T down
By James McCandless
San Antonio, Aug. 21 – As the last day of the week began, the preferred market was backing away from recent gains as the Wells Fargo Hybrid & Preferred Securities Financial index started down by 0.02%.
In primary activity, Ontrak, Inc. priced a $42.5 million offering of $25-par series A cumulative perpetual preferred stock with a dividend of 9.5%.
There is a $6,375,000 greenshoe.
B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc. and William Blair & Co. are the bookrunners.
The preferreds are redeemable on or after Aug. 21, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a delisting event or with 120 days after a change of control at par.
Moving atop the secondary space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were under pressure.
The preferreds (NYSE: CPrN) were down 4 cents to $27.01 on volume of about 56,000 shares.
Elsewhere, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock began higher.
The preferreds (NYSE: TFCPrR) were picking up 2 cents to $26.30 with about 39,000 shares trading.
Sector peer JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was weakening.
The preferreds (NYSE: JPMPrD) were shaving off 3 cents to $27.52 on volume of about 27,000 shares.
Telecom services name AT&T, Inc.’s 5.35% global notes due 2066 were following the morning’s downward track
The notes (NYSE: TBB) were declining by 10 cents to $26.72 with about 48,000 notes trading.
Meanwhile, real estate investment trust Public Storage’s 4.125% series M cumulative preferreds were rising, pushing against the trend.
The preferreds (NYSE: PSAPrM) were gaining 6 cents to $26.15 on volume of about 32,000 shares.
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