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Morning Commentary: Gabelli preps offering; AT&T higher; First Republic under pressure
By James McCandless
San Antonio, Dec. 10 – The preferred market started the day with slight positivity as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.01%.
In the primary space, Gabelli Equity Trust Inc. plans to price a $75 million offering of $25-par series K cumulative preferred stock with a dividend in the 5% area.
Underwriters are Morgan Stanley & Co. LLC, UBS Securities LLC and G.research, LLC.
The preferreds are redeemable after five years at par.
Leading in the secondary, telecom company AT&T Inc.’s new 5% series A perpetual preferred stock was tracking higher.
The preferreds, trading under the temporary symbol “ATATL,” were up 2 cents to $24.97 on volume of about 236,000 shares.
Elsewhere, in the finance space, First Republic Bank’s 4.7% series J non-cumulative perpetual preferred stock was under pressure early.
The preferreds (NYSE: FRCPrJ) were losing 8 cents to $24.78 with about 93,000 shares trading.
Sector peer AXA Equitable Holdings, Inc.’s 5.25% series A fixed-rate non-cumulative perpetual preferreds were also weaker.
The preferreds (NYSE: EQHPrA) were off by 1 cent to $25.04 on volume of about 80,000 shares.
Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were improving as the session started.
The preferreds (NYSE: COFPrI) were adding 7 cents to $24.85 with about 29,000 shares trading.
Meanwhile, oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units also started climbing.
The preferreds (NYSE: ETPPrE) were picking up 7 cents to $24.28 on volume of about 29,000 shares.
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