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Morning Commentary: Brookfield preps offering; Allstate gains; Citigroup preferreds flat
By James McCandless
San Antonio, Aug. 13 – The preferred market started Tuesday on better footing with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.09% as the U.S. government announced that a new round of tariffs on Chinese goods would be delayed until December.
In primary activity, Brookfield Property Partners LP plans to price an offering of $25-par series 2 class A cumulative redeemable perpetual preferred units.
Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC are the joint bookrunners.
The preferreds are redeemable on or after Sept. 30, 2024 at par. Prior to that, they are redeemable within 90 days after a change-of-control triggering event, within 90 days after a “Delisting Brookfield Transaction Triggering Event” or within 30 to 60 days after a tax event at par.
Leading in the secondary, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were improving at the start of the session.
The preferreds (NYSE: ALLPrH) added 1 cent to $25.41 on volume of about 172,000 shares.
Meanwhile, sector peer MetLife, Inc. saw its 5.625% series E non-cumulative preferred stock active but unmoved.
The preferreds (NYSE: METPrE) were flat at $27.00 with about 41,000 shares trading.
In the finance space, Citigroup, Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock was active but unchanged.
The preferreds (NYSE: CPrK) were holding level at $28.09 on volume of about 106,000 shares.
JPMorgan Chase & Co., another financial services provider, saw its 6% series EE non-cumulative preferreds moving positively.
The preferreds (NYSE: JPMPrC) gained 3 cents to $27.56 with about 55,000 shares trading.
Goldman Sachs Group, Inc.’s 6.375% series K fixed-to-floating rate perpetual non-cumulative preferreds were also flat on Tuesday morning.
The preferreds (NYSE: GSPrK) were quoted at $28.17 on volume of about 49,000 shares.
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