Hartford Financial’s preferreds slip; Morgan Stanley improves; AT&T’s $25-par notes up

By James McCandless

San Antonio, Nov. 7 – While mostly rising, the preferred space saw a late afternoon pullback that resulted in pockets of negativity on an otherwise positive day.

GasLog Partners LP priced $100 million of $25-par series C cumulative redeemable perpetual fixed-to-floating rate preference units with an initial dividend of 8.5%.

The deal, announced Wednesday morning, came in above size talk of $50 million and below talk of a yield in the 8.625% area. There is a $15 million greenshoe.

In the secondary, Hartford Financial Services Group, Inc.’s $345 million 6% series G non-cumulative perpetual preferred stock declined.

The preferreds, trading under the temporary symbol “HIGJL,” were down 1 cent to close at $25.15 on volume of about 365,000 shares.

Meanwhile, in the financial space, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds improved.

The preferreds (NYSE: MSPrK) were up 2 cents to $25.13 with about 339,000 shares.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock rose.

The preferreds (NYSE: JPMPrD) were up 6 cents to close at $24.85 on volume of about 312,000 shares.

Meanwhile, AT&T, Inc.’s 5.35% global notes (NYSE: TBB) due 2066 gained 4 cents to close at $23.73 on volume of about 136,000 notes.

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