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Morning Commentary: B. Riley to reopen securities; preferred stocks soften; AT&T dips
By Cristal Cody
Tupelo, Miss., Dec. 19 – B. Riley Financial, Inc. announced plans on Tuesday to price up to $19 million in reopenings of its 7.25% notes due Dec. 31, 2027, 7.5% notes due May 31, 2027 and 7.5% notes due Oct. 31, 2021.
Otherwise, market activity continues to wane as the year winds down.
Preferred stocks traded mostly softer at the start of Tuesday’s session.
The Wells Fargo Hybrid and Preferred Securities index fell 19 basis points.
The U.S. iShares Preferred Stock ETF dropped 11 bps.
AT&T Inc.’s 5.35% global notes due Nov. 1, 2066 (NYSE: TBB) softened in early trading but continue to trade better than issuance. The notes traded 3 cents, or 0.11%, weaker at $26.37 over the morning.
The Dallas-based telecommunications company sold $1.15 billion of the $25-par notes on Oct. 25.
AT&T was expected to close on its $85.4 billion cash and stock acquisition of Time Warner Inc. at the end of the year. The Justice Department has filed a federal lawsuit to block the deal, and a trial date is set for March 19, 2018.
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