Morning Commentary: Saratoga sells more $25-par notes; Goldman Sachs up; Qwest lower

By James McCandless

San Antonio, Feb. 1 – As the end of the week drew near, the preferred space was trading higher with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.33%.

Saratoga Investment Corp. priced another $17.33 million of its $25-par 6.25% notes due Aug. 31, 2025.

There is a $2.6 million greenshoe.

Ladenburg Thalmann & Co. Inc. and Compass Point Research & Trading, LLC are the joint bookrunners.

BB&T Capital Markets is the lead manager.

The company originally issued $40 million of the notes on Aug. 28, 2018.

The existing notes (NYSE: SAF) were down 60 cents to $24.75 on volume of about 143,000 notes.

In the secondary, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds were on the rise early in the session.

The preferreds (NYSE: GSPrD) started up by 29 cents to $18.94 with about 129,000 shares trading.

Elsewhere in finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock started better.

The preferreds (NYSE: JPMPrD) picked up 13 cents to $25.03 on volume of about 96,000 shares.

Meanwhile, in communications, Qwest Corp.’s 6.125% notes due 2053 took a dive.

The notes (NYSE: CTY) declined 46 cents to $21.13 with about 127,000 notes trading.

Insurer AmTrust Financial Services, Inc.’s 7.5% series D non-cumulative preferred stock was shooting upward.

The preferreds (NYSE: AFSIPrD) were up $1.10 to $8.81 on volume of about 78,000 shares.

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