Morning Commentary: Preferreds rebound, GasLog’s gains continue, Legacy Reserves soars

By Abigail W. Adams

Portland, Me., Jan. 11 – Preferreds showed signs of a rebound in the secondary market after slipping on Wednesday.

The Wells Fargo Hybrid and Preferred Security Index gained 8 basis points early in Thursday’s session after slipping 16 bps during Wednesday’s session.

The U.S iShares Preferred Stock ETF also climbed 0.07% early in Thursday’s session after closing Wednesday down 0.18%.

While the broader markets showed signs of a rebound, GasLog Partners LP’s recently priced 8.2% series B cumulative redeemable perpetual fixed-to-floating rate preference units continued their upward momentum.

The series B preference units climbed again to trade at $25.25, an increase of 0.20%, early in Thursday’s session. The units were up 0.68% to $25.20 at market close Wednesday.

Wednesday was the first trading day for the preference units, which priced Tuesday night. The notes were feed to trade for over-the-counter business under the temporary symbol “GSLPF” early Wednesday.

Legacy Reserves LP 8% series A and 8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units both made significant gains early in Thursday’s session. The series A units were up 13.97% to $6.20 and the series B units were up 13.81% to $6.09.

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