Morning Commentary: Brighthouse preferreds under par; KeyCorp, Pennsylvania REIT lower

By James McCandless

San Antonio, March 19 – The preferred space opened on a negative note as the Wells Fargo Hybrid & Preferred Securities Financial index began off by 0.04%.

Leading activity, Brighthouse Financial, Inc.’s new $425 million 6.6% series A non-cumulative preferred stock was below par on its first trading day.

The preferreds, trading under the temporary symbol “BHFLL,” were spotted at $24.98 on volume of about 482,000 shares.

The deal priced on Monday.

Elsewhere in insurance, American International Group, Inc.’s 5.85% series A non-cumulative perpetual preferreds were slightly negative.

The preferreds (NYSE: AIGPrA) dipped 1 cent to $25.24 on volume of about 73,000 shares.

Meanwhile, in the finance space, KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferred stock started the session lower.

The preferreds (NYSE: KEYPrJ) were down 10 cents to $24.70 with about 131,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferred stock were both declining at the open.

The series EE preferreds (NYSE: JPMPrC) were lower by 4 cents to $26.56 on volume of about 56,000 shares.

The series DD preferreds (NYSE: JPMPrD) declined by 3 cents to $25.89 on volume of about 45,000 shares.

Pennsylvania Real Estate Investment Trust’s 6.875% series D cumulative redeemable perpetual preferreds were slightly higher.

The preferreds (NYSE: PEIPrD) were adding 2 cents to $20.59 with about 98,000 shares trading.

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