Landmark to sell more preferreds; Regions Financial better; Duke Energy improves

By James McCandless

San Antonio, May 3 – The preferred space closed the week mixed overall as top-volume traders trended higher.

Landmark Infrastructure Partners LP plans to sell up to $50 million more of its 8% $25-par series A cumulative redeemable perpetual preferred units.

In secondary activity, Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock ended better.

Elsewhere in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed suit.

KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds were also gaining.

Meanwhile, utilities name Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds improved.

In the energy space, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were active but flat.

Landmark’s deal

Landmark Infrastructure said it plans to sell up to $50 million more of its 8% $25-par series A cumulative redeemable perpetual preferred units.

B. Riley FBR, Inc. is the sales agent.

Landmark originally issued $20 million of the preferreds on March 30, 2016.

The preferreds are redeemable on or after April 4, 2021. Prior to that, they are redeemable within 120 days after a change-of-control event.

The existing preferreds (Nasdaq: LMRKP) were down 41 cents at the Friday close to $25.51 on volume of about 5,000 shares.

Regions better

Leading activity in the secondary, Regions Financial’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock ended the session better.

The preferreds (NYSE: RFPrC) were up 2 cents to close at $25.52 on volume of about 1 million shares.

On Thursday, the preferreds added 10 cents.

Elsewhere in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the upward trend.

The preferreds (NYSE: ALLYPrA) gained 2 cents to close at $26.39 with about 590,000 shares trading.

KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds also saw a positive push.

The preferreds (NYSE: KEYPrK) rose 9 cents to close at $25.13 on volume of about 288,000 shares.

On Thursday, the preferreds lost 2 cents.

Duke Energy up

Meanwhile, utilities name Duke Energy’s 5.75% series A cumulative redeemable perpetual preferreds saw improvement in Friday trading.

The preferreds (NYSE: DUKPrA) added 10 cents to close at $26.14 with about 197,000 shares trading.

On Thursday, the preferreds were up 10 cents.

Energy Transfer flat

In the oil and gas space, Energy Transfer 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were relatively active but flat.

The preferreds (NYSE: ETPPrE) finished the session level at $24.85 on volume of about 176,000 shares.

On Thursday, the preferreds fell 3 cents.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index closed the week down 0.06%, reversing a 0.01% gain from early Friday activity.

The iShares US Preferred Stock ETF was up 5 cents to $36.49.

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