Public Storage taps $25-par market; AT&T preferreds gain; NuStar improves

By James McCandless

San Antonio, Dec. 11 – The preferred space closed the Wednesday session on an upward push.

In the primary market, Public Storage priced a $200 million offering of $25-par series K cumulative preferred shares at par with a dividend of 4.75%.

Leading in the secondary, telecom name AT&T Inc.’s new 5% series A perpetual preferred stock saw a gain.

Meanwhile, oil and gas name NuStar Energy LP’s 7.625% fixed-to-floating rate subordinated notes due 2043 and its 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferreds were both improving.

Closed-end fund Gabelli Equity Trust Inc.’s new $100 million 5% series K cumulative preferred stock landed below par.

Elsewhere, in finance, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds rose.

Sector peer Synchrony Financial’s 5.625% series A fixed-rate non-cumulative perpetual preferred stock followed the trend.

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