Hartford Financial’s preferreds slip; Morgan Stanley improves; AT&T’s $25-par notes up

By James McCandless

San Antonio, Nov. 7 – While mostly rising, the preferred space saw a late afternoon pullback that resulted in pockets of negativity on an otherwise positive day.

GasLog Partners LP priced $100 million of $25-par series C cumulative redeemable perpetual fixed-to-floating rate preference units with an initial dividend of 8.5%.

In the secondary, Hartford Financial Services Group, Inc.’s $345 million 6% series G non-cumulative perpetual preferred stock declined.

Meanwhile, in the financial space, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds improved.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock rose.

Bank of America’s 5.875% series HH non-cumulative preferred stock and its 6.625% series W non-cumulative preferreds also traded higher.

Telecom name AT&T, Inc.’s 5.35% global notes due 2066 was also a part of Wednesday’s positive trend.

GasLog prices

GasLog priced $100 million of $25-par series C cumulative redeemable perpetual fixed-to-floating rate preference units with an initial dividend of 8.5%.

The deal, announced Wednesday morning, came in above size talk of $50 million and below talk of a yield in the 8.625% area.

There is a $15 million greenshoe.

UBS Securities LLC, Morgan Stanley & Co. LLC, Stifel, Nicolaus & Co., Inc., Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.

Hartford edges lower

In the secondary, Hartford’s 6% series G non-cumulative perpetual preferred stock declined in Wednesday’s session.

The preferreds, trading under the temporary symbol “HIGJL,” were down 1 cent to close at $25.15 on volume of about 365,000 shares.

On Tuesday, the preferreds gained 3 cents.

Morgan Stanley up

In the finance space, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds rode the day’s positive wave.

The preferreds (NYSE: MSPrK) were up 2 cents to $25.13 with about 339,000 shares.

Meanwhile, JPMorgan’s 5.75% series DD non-cumulative preferred stock improved.

The preferreds (NYSE: JPMPrD) were up 6 cents to close at $24.85 on volume of about 312,000 shares.

On Tuesday, the preferreds added 2 cents.

Bank of America’s 5.875% series HH and 6.625% series W non-cumulative preferreds were also higher.

The series HH preferreds (NYSE: BACPrK) were up 2 cents to close at $24.80 with about 300,000 shares trading.

The series W preferreds (NYSE: BACPrW) added 2 cents to close at $25.78 with about 246,000 shares trading.

AT&T gains

Elsewhere, AT&T’s 5.35% global notes due 2066 traded up.

The notes (NYSE: TBB) gained 4 cents to close at $23.73 on volume of about 136,000 notes.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.03% at market close, giving back a 0.23% gain at the start of the session.

The iShares US Preferred Stock ETF was up 8 cents to $36.07.

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