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Morning Commentary: Citizens eyes preferred issue; Dynagas improves; JPMorgan recovers
By Cristal Cody
Tupelo, Miss., Oct. 22 – The preferred stock market saw gains early Monday with the Wells Fargo Hybrid and Preferred Securities index up 0.66% over the morning.
The U.S. iShares Preferred Stock ETF also was up 0.70%.
In primary market action at the start of the day, Citizens Financial Group, Inc. announced details for an offering of fixed-to-floating rate non-cumulative perpetual preferred stock.
The series C preferred shares have a liquidation preference of $1,000 per share, according to a 424B2 filing with the Securities and Exchange Commission on Monday.
The preferreds will have a fixed rate dividend to but excluding April 6, 2024 and will carry a floating rate thereafter.
Barclays, BofA Merrill Lynch, Citizens Capital Markets, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the bookrunners.
Elsewhere in new issue trading, Dynagas LNG Partners LP’s 8.75% series B fixed-to-floating rate perpetual preferreds improved 3 cents, or 0.12%, at the open to $24.70. The average trading volume early Monday for the preferreds, traded under the temporary symbol “DGAGF,” was 314,850 shares.
Dynagas sold $55 million of the preferreds on Tuesday.
In other secondary trading over the morning, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock recovered some ground after the stock slid on Friday.
The preferreds (NYSE: JPMPrD) were up 36 cents, or 1.46%, to $24.86 with an average trading volume of 2.41 million shares in mid-morning trading.
JPMorgan’s 5.75% preferred stock led secondary trading on Friday and closed the day down 51 cents to $24.50 with about 3 million shares traded.
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