Morning Commentary: Southern Co. gets temporary symbol; TravelCenters to list; Targa frees to trade

By Stephanie N. Rotondo

Phoenix, Oct. 8 – The preferred stock market was modestly lower in early Thursday trading, paring the week’s gains.

The Wells Fargo Hybrid and Preferred Securities index was down 1 basis point at mid-morning.

Despite the slight weakness, recently priced deals continued to do better.

The Southern Co.’s $1 billion of 6.25% $25-par series 2015A junior subordinated notes due 2075 – a deal that came Oct. 1 – moved up again, according to a trader.

The trader pegged the issue at par bid, $25.10 offered.

The notes were assigned a temporary trading symbol as well, “SOJA.”

TravelCenters of America LLC’s $100 million of 8% $25-par senior notes due 2030 were also improving, with a trader seeing the notes at $24.85 bid, $24.95 offered.

That issue came Sept. 30.

The paper is expected to list on the New York Stock Exchange on Friday under the ticker symbol “TANP.”

Meanwhile, Targa Resources Partners LP’s $110 million of 9% series A fixed-to-floating rate cumulative redeemable perpetual preferred units – an issue that priced late Wednesday, coming upsized from $75 million – freed to trade at mid-morning, a trader reported.

He quoted the units at $24.60 bid, $24.68 offered.

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

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