Morning Commentary: Global Net Lease to tap 7.25% preferreds; market softens; Kimco slips

By Cristal Cody

Tupelo, Miss., Dec. 14 – Global Net Lease, Inc. announced plans on Thursday to reopen its 7.25% series A cumulative redeemable preferred stock.

Preferred stocks overall were weaker at the start of the session.

The Wells Fargo Hybrid and Preferred Securities index dropped 19 basis points.

The U.S. iShares Preferred Stock ETF was down 5 bps.

In early trading, Kimco Realty Corp.’s 5.25% class M cumulative redeemable preferred shares softened 20 cents to $24.75 in over-the-counter trading under the temporary symbol “KMCCP.”

The company sold $230 million of the 5.25% $25-par class M cumulative redeemable preferred shares on Monday.

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