Morning Commentary: Iberiabank tops par; Energy Transfer, Digital Realty push higher

By James McCandless

San Antonio, March 29 – The preferred space started off the last day of the week on a positive note as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.08%.

Iberiabank Corp.’s new $100 million 6.1% series D fixed-to-floating rate non-cumulative perpetual preferred stock opened its first day of trading above par.

The preferreds, trading under the temporary symbol “IBBRL,” were seen trading at $25.09 on volume of about 363,000 shares.

The deal priced on Thursday.

Elsewhere in finance, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were slightly lower.

The preferreds (NYSE: CPrN) dipped 2 cents to $27.41 on volume of about 78,000 shares.

Meanwhile, in oil and gas, Energy Transfer Operating LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units were also pushing higher at the session’s open.

The preferreds (NYSE: ETPPrC) were up 13 cents to $24.81 on volume of about 103,000 shares.

Real estate investment trust Digital Realty Trust, Inc.’s 5.85% series K cumulative redeemable preferreds followed the positive trend.

The preferreds (NYSE: DLRPrK) rose 9 cents to $25.31 with about 49,000 shares trading.

Sector peer AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds saw a similar rise.

The preferreds (Nasdaq: AGNCM) picked up 10 cents to $25.04 on volume of about 42,000 shares.

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