Morning Commentary: Global Partners to tap market; Bank of America, Energy Transfer up

By James McCandless

San Antonio, July 31 – Global Partners LP plans to price $40 million of $25-par series A fixed-to-floating rate cumulative redeemable perpetual preferred units with talk for a dividend at 9.75%.

The deal was announced Tuesday morning.

Stifel, Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunners (see related story elsewhere in this issue).

Bank of America Corp.’s recent series HH non-cumulative perpetual preferred stock improved in early Tuesday trading.

The preferreds (NYSE: BACPrK) were up 3 cents to $25.26 on volume of about 162,000 shares.

Energy Transfer Partners, LP’s new $445 million 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units edged higher.

The preferreds (NYSE: ETPPrD) were up 2 cents to $25.48 with about 162,000 shares trading.

The deal was priced on July 16 at $400 million and later increased with a partial greenshoe exercise.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.08% in early trading, reversing most of the 0.10% loss at market close on Monday.

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