Morning Commentary: Wells Fargo preferreds improve; Oxford Lane rises; GasLog lower

By James McCandless

San Antonio, Feb. 7 – The preferred space started the last day of the week with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.06%.

Beginning the day as the early volume leader, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was improving.

The preferreds (NYSE: WFCPrZ) were up 2 cents to $25.31 on volume of about 224,000 shares.

Elsewhere in the finance space, Charles Schwab Corp.’s 5.95% series D non-cumulative perpetual preferred stock opened on the positive side.

The preferreds (NYSE: SCHWPrD) were adding 1 cent to $26.81 with about 180,000 shares trading.

Sector peer Capital One Financial Corp.’s new 4.8% series J fixed-rate non-cumulative perpetual preferreds were also inching higher.

The preferreds (NYSE: COFPrJ) were gaining 2 cents to $24.89 on volume of about 145,000 shares.

Meanwhile, closed-end fund Oxford Lane Capital Corp.’s new 6.25% series 2027 term preferred stock was climbing.

The preferreds, trading under the temporary symbol “OXCPP,” were picking up 10 cents to $24.80 with about 97,000 shares trading.

Natural gas shipper GasLog Partners LP’s 8.625% series A and 8.5% series C fixed-to-floating rate cumulative redeemable perpetual preference units were under water.

The series A preferreds (NYSE: GLOPPrA) were losing 12 cents to $22.37 on volume of about 61,000 shares.

The series C preferreds (NYSE: GLOPPrC) were falling 3 cents to $21.72 on volume of about 57,000 shares.

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