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Morning Commentary: Priority Income Fund taps market; JPMorgan, Bank of America improve
By James McCandless
San Antonio, Oct. 19 – The preferred space opened higher on Friday with the Wells Fargo Hybrid & Preferred Securities Financial index gaining 0.13% as the primary space saw a new deal.
Priority Income Fund, Inc. priced a $22.5 million offering of $25-par series B term preferred stock due 2023 (AA) at par with a dividend of 6.25%.
The deal was announced Thursday morning and downsized from an initial size of $25 million.
There is a $3,375,000 greenshoe.
Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, B. Riley FBR, Inc. and Incapital LLC are the joint bookrunners.
In the secondary, JPMorgan Chase & Co.’s recent 5.75% series DD non-cumulative preferred stock improved at the start of trading.
The preferreds (NYSE: JPMPrD) were up 6 cents to $25.07 on volume of about 390,000 shares.
Elsewhere in the financial space, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock also improved.
The preferreds (NYSE: BACPrK) were up 5 cents to $25.02 with about 93,000 shares trading.
The Charles Schwab Corp.’s 5.95% series D non-cumulative perpetual preferred stock saw a slight gain.
The preferreds (NYSE: SCHWPrD) were up 1 cent to $25.66 on volume of about 46,000 shares.
Meanwhile, in the shipping sector, Dynagas LNG Partners LP’s new $55 million 8.75% series B fixed-to-floating rate perpetual preferreds moved lower.
The preferreds, trading under the temporary symbol “DGAGF,” were down 5 cents to $24.56 with about 253,000 shares trading.
The deal priced on Tuesday.
Natural gas pipeline operator Energy Transfer Partners, LP’s 7.625% series D fixed-to-floating rate perpetual preferred units rose.
The preferreds (NYSE: ETPPrD) were up 5 cents to $25.70 on volume of about 32,000 shares.
On Thursday, the company’s common unitholders approved a merger with Energy Transfer Equity, LP.
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