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Morning Commentary: Chimera plans offering; AT&T $25-par notes rise; JPMorgan improves
By James McCandless
San Antonio, Jan. 15 – The preferred market opened Tuesday trading mixed with lower volume as the Wells Fargo Hybrid & Preferred Securities Financial index began higher by 0.15%.
Chimera Investment Corp. plans to price $25-par series D fixed-to-floating rate cumulative redeemable preferred stock.
Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and Keefe, Bruyette & Woods, Inc. are the joint bookrunners.
The preferreds are redeemable on or after March 30, 2024 at par. Prior to that, they are redeemable within 120 days after a change-of-control event.
In the secondary, Chimera’s 8% series B fixed-to-floating rate cumulative redeemable preferred stock was declining early.
The preferreds (NYSE: CIMPrB) were down 25 cents to $25.36 on volume of about 31,000 shares.
Elsewhere in the secondary space, AT&T, Inc.’s 5.35% global notes due 2066 were rising.
The notes (NYSE: TBB) were up 3 cents to $24.30 with about 42,000 notes trading.
Meanwhile, in the finance space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were seen improving.
The preferreds (NYSE: JPMPrD) began higher by 6 cents to $25.04 on volume of about 35,000 shares.
U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferred stock opened the session lower.
The preferreds (NYSE: USBPrH) fell 3 cents at Tuesday’s start to $19.45 with about 28,000 shares trading.
In the utilities sector, PG&E Corp.’s 6% cumulative nonredeemable first preferred stock continued to fall.
The preferreds (NYSE: PCGPrA) were down 97 cents to $14.73 on volume of about 29,000 shares.
The market continues to react to news that broke Monday that the company is preparing to file for Chapter 11 bankruptcy in relation to potential liabilities from recent California wildfires.
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