Public Storage sells upsized preferreds; AGNC finishes under par; JPMorgan declines

By James McCandless

San Antonio, Feb. 28 – More primary activity served as the backdrop for mixed secondary activity in the preferred space.

Public Storage priced an upsized $285 million of $25-par series H cumulative preferred shares at par with a dividend of 5.6%.

The deal, announced Thursday morning, was upsized from an initial $100 million and came in below talk for a dividend in the 5.75% area.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the bookrunners.

The preferreds are redeemable on or after March 11, 2024 at par.

In the secondary, AGNC Investment Corp.’s new $225 million 6.875% series D fixed-to-floating rate cumulative redeemable preferred stock closed below par.

The preferreds, trading under the temporary symbol “AGNCO,” were seen closing at $24.84 on volume of about 3.2 million shares.

Elsewhere, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferred stock saw a decline.

The series EE preferreds (NYSE: JPMPrC) dropped 22 cents to close at $25.89 with about 2.1 million shares trading.

The series DD preferreds (NYSE: JPMPrD) lost 26 cents to close at $25.39 with about 1 million shares trading.

Meanwhile, AT&T, Inc.’s 5.35% global notes due 2066 (NYSE: TBB) closed 31 cents better at $25.08.

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