Banc of California’s deal gets temporary symbol; GasLog rises; Campus Crest regains ground

By Stephanie N. Rotondo

Phoenix, April 2 – The last full trading day of the shortened holiday week was a positive one for the preferred stock market.

The climb came as investors were anticipating a positive jobs report on Friday. The market might have also benefitted from news that the U.S. and Iran had reached a deal on the latter’s nuclear program.

The Wells Fargo Hybrid and Preferred Securities index closed up 15 basis points.

Investors were staying somewhat focused on recently priced deals. A trader said that Banc of California Inc.’s $100 million of 7.375% series D noncumulative preferreds – a deal from Tuesday’s business – had been assigned a temporary reporting symbol on Thursday.

The symbol is “BLBLP.”

The paper ended the day at $25.10, up from par opening levels and from $25.05 the previous day.

Earlier in the session, a trader quoted the issue at par bid, $25.02 offered.

Another market source saw the issue trading as high as $25.05 at mid-morning.

Meanwhile, GasLog Ltd.’s $100 million of 8.75% series A cumulative redeemable preference shares were seen at $25.15 bid, $25.25 offered by a trader.

“That’s done exceptionally well,” the trader said. “I’m shocked it ran up that quickly.”

The issue priced Monday.

Both Banc of California and GasLog came upsized and at the tight end of talk.

Campus Crest rebounds

Campus Crest Communities Inc.’s 8% series A cumulative redeemable preferred stock (NYSE: CCGPA) continued to be active Thursday, just one day after the company announced a suspension of dividend payments for 2015.

After initially losing ground on the news, the shares came roaring back in Thursday trading, rising $1.03, or 4.69%, to $23.01.

The Charlotte, N.C.-based company said it was focusing on “strategic repositioning, and strengthening our financial and liquidity position,” according to Richard Kahlbaugh, non-executive chairman, in a press release. “The board of directors feels that suspending the company’s dividend payment at this time is a prudent step as we enhance our balance sheet and ensure compliance with the covenants in our financial agreements.”

JPMorgan firms

JPMorgan Chase & Co.’s preferreds were moving higher as the company made headway on its mandate to provide up to $13 billion in consumer relief for homeowners as part of the bank’s settlement with the federal government.

The 6.125% series Y noncumulative preferreds (NYSE: JPMPF) ended up 13 cents at $25.64.

According to news reports, the New York-based bank has been credited $2.2 billion toward the $4 billion it is required to provide to consumers by 2017.

The credit is not a dollar-for-dollar equation, however, as the company gets more credit for certain types of relief.

The bank must also pay $9 billion in cash to the federal government.

The settlement was made in regards to the bank’s role in the subprime crisis.

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