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Morning Commentary: Sotherly Hotels preps $25-par offering; Duke Energy up; Ally lower
By James McCandless
San Antonio, April 8 – Top-trading preferred stocks started a new week mixed as the Wells Fargo Hybrid & Preferred Securities Financial index began down 0.05%.
In primary activity, Sotherly Hotels Inc. plans to price a $27 million offering of $25-par series D cumulative redeemable perpetual preferred stock with a dividend of 8.25% to 8.5%.
Sandler O’Neill & Partners, LP, Janney Montgomery Scott LLC, American Capital Partners, LLC and Boenning & Scattergood, Inc. are the joint bookrunners.
The preferreds are redeemable on or after a certain date. They are also redeemable within 120 days after a change-of-control event.
Meanwhile, in the secondary market, utilities name Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock started the session with a slight gain.
The preferreds (NYSE: DUKPrA) were better by 2 cents to $25.67 on volume of about 57,000 shares.
Elsewhere, in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were moving lower.
The preferreds (NYSE: ALLYPrA) were down 7 cents to $26.65 on volume of about 43,000 shares.
Sector peer, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were similarly negative at the open.
The preferreds (NYSE: CPrN) were lower by 11 cents to $27.58 with about 40,000 shares trading.
Telecom giant AT&T, Inc.’s 5.35% global notes due 2066 were starting Monday on the negative side.
The notes (NYSE: TBB) were off by 2 cents to $25.48 on volume of about 31,000 notes.
Real estate investment trust AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds were pushing upward.
The preferreds (Nasdaq: AGNCM) started up 11 cents to $25.23 with about 24,000 shares trading.
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