First Republic below par; Fortress preferreds spike; PS Business Parks better

By James McCandless

San Antonio, Nov. 26 – The preferred market was generally positive as the Tuesday session came to a close.

At the top of trading, First Republic Bank’s new $350 million 4.7% series J non-cumulative perpetual preferred stock ended under par. The preferreds were seen closing at $24.92 on volume of about 3.4 million shares.

Elsewhere in finance, AXA Equitable Holdings, Inc.’s recent 5.25% series A fixed-rate non-cumulative perpetual preferred shares picked up 7 cents to close at $24.92 with about 1.1 million shares trading.

Sector peer Synchrony Financial’s 5.625% series A non-cumulative perpetual preferreds followed the day’s trend, gaining 5 cents to close at $25.49 on volume of about 678,000 shares.

Transportation leaser Fortress Transportation & Infrastructure Investors LLC’s new 8% series B fixed-to-floating rate cumulative perpetual redeemable preferred stock spiked.

Meanwhile, REIT PS Business Parks, Inc.’s 4.875% series Z cumulative preferred stock ended better.

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