Morning Commentary: Oxford Lane preferreds price; AGNC better; GasLog Partners sinks

By James McCandless

San Antonio, Feb. 6 – As the preferred market opened on Thursday, top traders varied as the Wells Fargo Hybrid & Preferred Securities Financial index started with a tepid 0.01% rise.

The primary market saw Oxford Lane Capital Corp. price an $87.5 million offering of series 2027 term preferred stock with a dividend of 6.25%.

There is a $13,125,000 greenshoe.

Ladenburg Thalmann & Co. Inc. and BB&T Capital Markets are the joint bookrunners.

Dividends are payable on the last day of each month, commencing on March 31, 2020.

The preferreds are redeemable on or after Feb. 28, 2023 at par.

At the top of the morning’s trading, real estate investment trust AGNC Investment Corp.’s new $500 million 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was picking up steam.

The preferreds trading under the temporary symbol “AINGZ,” were up 3 cents to $25.01 on volume of about 306,000 shares.

Meanwhile, natural gas shipping name GasLog Partners LP’s 8.625% series A and 8.5% series C fixed-to-floating rate cumulative redeemable perpetual preference units were both sinking.

The series A preferreds (NYSE: GLOPPrA) were diving $1.45 to $23.48 with about 159,000 shares trading.

The series C preferreds (NYSE: GLOPPrC) were crashing 96 cents to $23.14 with about 148,000 shares trading.

Early Thursday, the company declared dividends for the series A, B and C series of preferreds and released quarterly results.

In the finance space, Capital One Financial Corp.’s new 4.8% series J fixed-rate non-cumulative perpetual preferred stock was under water.

The preferreds (NYSE: COFPrJ) were losing 2 cents to $24.80 on volume of about 123,000 shares.

Sector peer Wells Fargo & Co.’s 6% series T non-cumulative perpetual class A preferreds were improving.

The preferreds (NYSE: WFCPrT) were gaining 8 cents to $25.52 with about 120,000 shares trading.

Elsewhere, telecom giant AT&T Inc.’s 5% series A cumulative perpetual preferred stock began the morning with upward movement.

The preferreds (NYSE: TPrA) were adding 9 cents to $26.11 on volume of about 90,000 shares.

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