Morning Commentary: Rexford Realty, Summit Midstream to price preferred deals; AT&T improves

By Cristal Cody

Tupelo, Miss., Nov. 6 – Preferreds opened on Monday slightly softer, while two issuers announced plans to tap the primary market.

The Wells Fargo Hybrid and Preferred Securities index was down less than 1 basis point over the morning.

The U.S. iShares Preferred Stock ETF also was off less than 1 bp early in the session.

In upcoming supply, Rexford Industrial Realty, Inc. intends to price series B cumulative redeemable preferred shares with a $25.00 per share liquidation preference.

Also, Summit Midstream Partners, LP is marketing series A fixed-to-floating-rate cumulative redeemable perpetual preferred units.

In new issue trading, AT&T Inc.’s $1.32 billion of 5.35% $25-par global notes due Nov. 1, 2066 (NYSE: TBB) traded up 3 cents, or 0.12%, to $25.25 early Monday.

On Friday, the notes traded at $25.25 bid, $25.35 offered, a market source said.

The Dallas-based telecommunications company sold the notes on Oct. 25. The issue was initially talked to price in the 5.375% to 5.5% area.

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