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Morning Commentary: DTE plans $25-par debentures; JPMorgan preferreds trade higher
By James McCandless
San Antonio, Sept. 22 – The Tuesday session in the preferred space began with modest positivity as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.01%.
Coming down the primary pipeline, DTE Energy Co. released plans to sell an offering of $25-par 2020 series G junior subordinated notes due Oct. 15, 2080.
BofA Securities, Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are the bookrunners.
The debentures are redeemable on or after Oct. 15, 2025 at par. Prior to that, the debentures are redeemable following a tax event at par or a rating agency event at 102%.
Leading the morning’s secondary activity, JPMorgan Chase & Co.’s 6.1% series AA non-cumulative preferred stock was moving along a positive track.
The preferreds (NYSE: JPMPrG) were up 3 cents to $25.45 on volume of about 57,000 shares.
Elsewhere in the finance space, Bank of America Corp.’s 6.2% series CC non-cumulative preferred stock was slightly lower.
The preferreds (NYSE: BACPrC) were off 1 cent to $25.62 with about 40,000 shares trading.
Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was also trending upward.
The preferreds (NYSE: WFCPrZ) were tacking on 1 cent to $24.84 on volume of about 37,000 shares.
Meanwhile, real estate investment trust Ashford Hospitality Trust, Inc.’s 7.5% series H cumulative preferreds were cratering.
The preferreds (NYSE: AHTPrH) were falling 40 cents to $3.69 with about 26,000 shares trading.
Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferred stock was being lifted.
The preferreds (NYSE: MNRPrC) were adding 5 cents to $24.95 on volume of about 23,000 shares.
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