Brookfield Property taps market; Merchants Bancorp closes above par; New Residential up

By James McCandless

San Antonio, Aug. 13 – The Tuesday session in the preferred space saw a broad improvement, lifted by the news that a new round of U.S. tariffs on Chinese goods would be delayed until December.

Brookfield Property Partners LP priced a $250 million offering of $25-par series 2 class A cumulative redeemable perpetual preferred units with a dividend of 6.375%.

In secondary trading, Merchants Bancorp Inc.’s new $125 million 6% series B fixed-to-floating rate non-cumulative perpetual preferred stock finished above par.

The preferreds, trading under the temporary symbol “MCSBL,” closed at $25.59 on volume of about 1.9 million shares.

The deal priced on Monday.

Separately, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds also saw a boost by the close.

The preferreds (NYSE: JPMPrC) added 19 cents to close at $27.72 on volume of about 294,000 shares.

REIT New Residential Investment Corp.’s recent 7.125% series B fixed-to-floating rate cumulative redeemable preferreds followed the day’s trend higher.

The preferreds, trading under the temporary symbol “NRZEP,” improved by 6 cents to close at $24.91 with about 907,000 shares trading.

Meanwhile, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock closed with a gain.

The preferreds (NYSE: ALLPrH) were up 2 cents to close at $25.42 on volume of about 623,000 shares.

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