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Morning Commentary: Energy Transfer preferreds price; MetLife under par; AT&T declines
By James McCandless
San Antonio, Jan. 8 – Though volume leaders were mixed, the preferred market opened on the rise with the Wells Fargo Hybrid & Preferred Securities Financial index gaining by 0.18%.
Late Tuesday in the primary space, Energy Transfer Operating, LP priced a $1.6 billion offering of $1,000-par series F and series G fixed-rate reset cumulative redeemable perpetual preferred units (Baa2/BB/BB).
There is no greenshoe.
The series F preferreds were sold for $500 million and carry an initial dividend of 6.75%, which resets every five years to the five-year Treasury rate plus 513.4 basis points.
The series G preferreds were sold for $1.1 billion and have an initial dividend of 7.125%, which resets every five years at the five-year Treasury rate plus 530.6 bps.
At the top of secondary trading, insurance company MetLife, Inc.’s new $1 billion 4.75% series F non-cumulative preferred stock was moving under par on its first day.
The preferreds, trading under the temporary symbol “METFL,” were seen at $24.97 on volume of about 4.3 million shares.
Meanwhile, telecom giant AT&T Inc.’s 5% series A perpetual preferred stock was declining, going against the prevailing trend.
The preferreds (NYSE: TPrA) were down 7 cents to $26.10 with about 85,000 shares trading.
Moving at the top of the finance space, AXA Equitable Holdings, Inc.’s 5.25% series A non-cumulative preferred stock was also weaker.
The preferreds (NYSE: EQHPrA) were dipping 4 cents to $25.92 on volume of about 47,000 shares.
Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were improving.
The preferreds (NYSE: COFPrI) were adding 3 cents to $25.21 with about 44,000 shares trading.
JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was gaining ground as the morning started.
The preferreds (NYSE: JPMPrD) were improving by 4 cents to $27.54 on volume of about 42,000 shares.
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