First Republic below par; Fortress preferreds spike; PS Business Parks better

By James McCandless

San Antonio, Nov. 26 – The preferred market was generally positive as the Tuesday session came to a close.

At the top of trading, First Republic Bank’s new $350 million 4.7% series J non-cumulative perpetual preferred stock ended under par.

Elsewhere in finance, AXA Equitable Holdings, Inc.’s recent 5.25% series A fixed-rate non-cumulative perpetual preferred stock gained.

Sector peer Synchrony Financial’s 5.625% series A non-cumulative perpetual preferreds followed the day’s trend.

Transportation leaser Fortress Transportation & Infrastructure Investors LLC’s new 8% series B fixed-to-floating rate cumulative perpetual redeemable preferred stock spiked.

Meanwhile, REIT PS Business Parks, Inc.’s 4.875% series Z cumulative preferred stock ended better.

First Republic below par

At the top of Tuesday secondary trading, First Republic’s new $350 million 4.7% series J non-cumulative perpetual preferred stock ended its first day under par.

The preferreds, trading under the temporary symbol “FRCJL,” were seen closing at $24.92 on volume of about 3.4 million shares.

The deal priced on Monday.

Elsewhere in the finance space, AXA’s recent 5.25% series A fixed-rate non-cumulative perpetual preferred stock gained.

The preferreds, trading under the temporary symbol “AXQEL,” picked up 7 cents to close at $24.92 with about 1.1 million shares trading.

On Monday, the preferreds were level.

Sector peer Synchrony’s 5.625% series A non-cumulative perpetual preferreds also followed the day’s positive trend.

The preferreds (NYSE: SYFPrA) gained 5 cents to close at $25.49 on volume of about 678,000 shares.

On Monday, the preferreds improved by 14 cents.

Fortress spikes

Transportation leaser Fortress’ new 8% series B fixed-to-floating rate cumulative perpetual redeemable preferred stock spiked.

The preferreds, trading under the temporary symbol “FTABP,” jumped up 20 cents to close at $25.13 with about 248,000 shares trading.

On Monday, the preferreds closed under par.

PS Business better

Meanwhile, real estate investment trust PS Business Parks’ 4.875% series Z cumulative preferred stock ended the session better.

The preferreds (NYSE: PSBPrZ) added 10 cents to close at $25.05 on volume of about 202,000 shares trading.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended up by 0.04% at the close, holding a 0.04% rise from early Tuesday trading.

The iShares US Preferred Stock ETF was up 7 cents to $37.33.

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