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Morning Commentary: Morgan Stanley preferreds gain; Duke Energy improves; Teekay Offshore jumps
By James McCandless
San Antonio, April 5 – On the last trading day of the week, the preferred market was pushing higher with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.05%.
Leading early on, Morgan Stanley’s series A floating rate non-cumulative preferreds and its 7.125% series E fixed-to-floating rate non-cumulative preferreds were both gaining.
The series A preferreds (NYSE: MSPrA) were up 7 cents to $19.69 on volume of about 776,000 shares.
The series E preferreds (NYSE: MSPrE) were up 4 cents to $28.32 on volume of about 42,000 shares.
Elsewhere in the finance space, the Goldman Sachs Group, Inc.’s series D floating rate non-cumulative preferred stock was also positive.
The preferreds (NYSE: GSPrD) started better by 15 cents to $19.84 with about 39,000 shares trading.
U.S. Bancorp’s series B non-cumulative perpetual preferreds followed Friday morning’s trend.
The preferreds (NYSE: USBPrH) were gaining 6 cents to $19.25 on volume of about 32,000 shares.
Meanwhile, in utilities, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was seen improving.
The preferreds (NYSE: DUKPrA) were up 5 cents to $25.60 with about 91,000 shares trading.
Shipping name Teekay Offshore Partners LP’s 8.875% series E fixed-to-floating rate cumulative redeemable perpetual preferreds jumped higher early in the session.
The preferreds (NYSE: TOOPrE) were rising 90 cents to $20.62 on volume of about 31,000 shares.
The company announced on Thursday that it had secured a new $414 million long-term debt facility that will be used to finance four new vessels, Prospect News reported.
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