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Morning Commentary: Affiliated Managers prices; JPMorgan improves; AT&T under pressure
By James McCandless
San Antonio, Sept. 18 – The preferred space began the last day of the week with a positive push as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.03%.
In primary activity, Affiliated Managers Group, Inc. priced a $250 million offering of $25-par 4.75% junior subordinated notes due Sept. 30, 2060 (Baa1/BBB-) at par on Thursday.
There is a $37.5 million greenshoe.
BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the bookrunners.
The notes are redeemable on or after Sept. 30, 2025 at par. Prior to that, notes are also redeemable after a tax event at par or a ratings agency event at 102%.
Leading the gains in early secondary trading, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was improving.
The preferreds (NYSE: JPMPrC) were up 6 cents to $27.86 on volume of about 26,000 shares.
Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds were joining the positive trend.
The preferreds (NYSE: COFPrJ) were picking up 8 cents to $24.48 with about 24,000 shares trading.
Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock was trailing, going against the majority of the morning’s activity.
The preferreds (NYSE: BACPrN) were dipping 5 cents to $26.31 on volume of about 22,000 shares.
Telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock was also under pressure as Friday kicked off.
The preferreds (NYSE: TPrC) were losing 6 cents to $25.47 with about 26,000 shares trading.
Meanwhile, real estate investment trust Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferred shares were rising.
The preferreds (NYSE: PEIPrC) were up 14 cents to $5.23 on volume of about 19,000 shares.
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