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Morning Commentary: Preferred primary market active; GasLog offers units; preferreds mixed
By Cristal Cody
Tupelo, Miss., Jan. 9 – Pricing action in the preferred stock market is gearing up following the first issuance of the year on Monday.
GasLog Partners LP announced plans to price series B cumulative redeemable perpetual fixed-to-floating rate preference units.
On Monday, Annaly Capital Management, Inc. sold $425 million of 6.5% series G fixed-to-floating rate perpetual cumulative redeemable preferred stock. The preferreds convert on March 31, 2023 to a floating rate of Libor plus 417.2 basis points.
The preferreds were freed to trade over the counter under the temporary symbol “ACMGP.”
Early Tuesday, the preferreds traded up 8 cents, or 0.32%, to $24.79.
The broader preferred stock market was mixed over the morning.
The Wells Fargo Hybrid and Preferred Securities index was down 6 bps.
The U.S. iShares Preferred Stock ETF rose 18 bps.
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