PS Business Parks prices; Citizens Financial improves; Energy Transfer preferreds positive

By James McCandless

San Antonio, Oct. 24 – The preferred space saw non-cohesive movements on Thursday, exemplified by the activity of top traders.

Real estate investment trust PS Business Parks, Inc. priced a $300 million offering of $25-par series Z cumulative preferred stock with a dividend of 4.875%, according to a press release.

Leading secondary trading volume, Citizens Financial Group, Inc.’s new 5% series E fixed-rate non-cumulative perpetual preferred stock improved. The preferreds were up 3 cents to $25.13 on volume of about 1.1 million shares.

Elsewhere in finance, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds saw another rise, adding 6 cents to close at $25.28 with about 517,000 shares trading.

5.75% series U cumulative preferred stock took a dive.

Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were positive, tacking on 5 cents to close at $25.67 with about 237,000 shares trading.

In communications, Qwest Corp.’s 6.5% notes due 2056 were pushed lower, dropping 10 cents to close at $25.35 on volume of about 204,000 shares.

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