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Morning Commentary: Public Storage preferreds on deck; MetLife weaker; Brookfield gains
By James McCandless
San Antonio, Sept. 29 – The preferred space was moving on a negative trend early Tuesday as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 0.02%.
In the primary market, Public Storage said it plans to price an offering of $25-par series N cumulative preferred shares.
BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the bookrunners.
The preferreds are redeemable after five years at par.
At the top of early secondary trading, insurance provider MetLife, Inc.’s 4.75% series F non-cumulative preferred shares were weakening.
The preferreds (NYSE: METPrF) were down 9 cents to $26.24 on volume of about 39,000 shares trading.
Elsewhere, Brookfield Infrastructure Partners LP’s 5.125% series 13 class A preferred limited partnership units were gaining, bucking the morning’s trend.
The preferreds (NYSE: BIPPrA) were rising 7 cents to $25.52 with about 33,000 shares trading.
In oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were trailing.
The preferreds (NYSE: ETPPrE) were shedding 16 cents to $17.90 on volume of about 27,000 shares.
Meanwhile, in the finance space, Bank of America Corp.’s 6.2% series CC non-cumulative preferred stock began the day lower.
The preferreds (NYSE: BACPrC) were dipping 3 cents to $25.76 with about 27,000 shares trading.
Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was trending positively.
The preferreds (NYSE: WFCPrZ) were adding 1 cent to $25.09 on volume of about 19,000 shares.
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