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Morning Commentary: Duke Energy preps offering; JPMorgan lower; American Finance up
By James McCandless
San Antonio, Sept. 9 – The preferred market started the week largely unchanged with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.02%.
The primary market saw Duke Energy Corp. announce plans to price an offering of $1,000-par series B fixed-rate reset cumulative redeemable perpetual preferred stock.
Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the joint bookrunners.
The preferreds are redeemable on or after Sept. 16, 2024 or on any fifth anniversary of that date at par. Prior to that, the preferreds are redeemable within 120 days after a ratings event.
In secondary trading, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock began the week negative.
The preferreds (NYSE: JPMPrC) were down 3 cents to $28.20 on volume of about 176,000 shares.
Elsewhere in the finance space, Capital One Financial Corp.’s new 5% series I fixed-rate non-cumulative perpetual preferred stock was active but unchanged as the session opened.
The preferreds, trading under the temporary symbol “COFOL,” were level at $25.09 with about 114,000 shares.
U.S. Bancorp’s series B floating rate non-cumulative perpetual preferreds were under water on Monday morning.
The preferreds (NYSE: USBPrH) were declining by 4 cents to $21.43 on volume of about 38,000 shares.
Meanwhile, real estate investment trust American Finance Trust, Inc.’s 7.5% series A cumulative redeemable perpetual preferreds were pushing higher.
The preferreds (Nasdaq: AFINP) were gaining 14 cents to $25.53 with about 70,000 shares trading.
Sector peer Public Storage’s new 4.875% series I cumulative preferred shares were seeing a modest decline.
The preferreds, trading under the temporary symbol “PBSSP,” were off 2 cents to $25.23 on volume of about 69,000 shares.
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