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Morning Commentary: Priority Income to tap market; Digital Realty up; PennantPark level
By James McCandless
San Antonio, Oct. 3 – The preferred space started the Thursday session with non-cohesive movements as the Wells Fargo Hybrid & Preferred Securities Financial index was up by 0.07%.
Priority Income Fund, Inc. announced plans to price an offering of series E term preferred stock due 2024.
There is a greenshoe.
Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, B. Riley FBR, Inc. and Incapital LLC are the joint bookrunners.
The co-manager is Maxim Group LLC.
Leading early activity, real estate investment trust Digital Realty Trust, Inc.’s new 5.2% series L cumulative redeemable preferred stock was improving.
The preferreds, trading under the temporary symbol “DLRTP,” were up 6 cents to $25.09 on volume of about 120,000 shares.
Sector peer Urstadt Biddle Properties Inc.’s 5.875% series K cumulative redeemable preferred stock was also moving on a positive path.
The preferreds (NYSE: UBPPrK) were adding 5 cents to $25.00 with about 91,000 shares trading.
Middle-market investor PennantPark Investment Corp.’s 5.5% notes due 2024 were relatively active but rigid.
The notes (Nasdaq: PNNTG) were unchanged at $25.00 on volume of about 56,000 notes.
Meanwhile, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds opened the session under water.
The preferreds (NYSE: COFPrI) were losing 2 cents to $24.84 with about 48,000 shares trading.
Elsewhere in the finance space, Charles Schwab Corp.’s 5.95% series D non-cumulative perpetual preferred stock was also declining.
The preferreds (NYSE: SCHWPrD) were dropping 3 cents to $26.75 on volume of about 38,000 shares.
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