| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Targa Resources Partners LP > News item |
Morning Commentary: Recent issues doing well; JPMorgan earnings on tap; Magnum Hunter rebounds
By Stephanie N. Rotondo
Phoenix, Oct. 13 – The preferred stock market was flat early Tuesday, but recently priced issues were gaining steam.
A trader saw the Southern Co.’s $1 billion of 6.25% $25-par series 2015A junior subordinated notes due 2075 (NYSE: SOJA) “moving up nicely” to $25.45.
The $875 million issue priced Oct. 1, and a $125 million greenshoe was fully exercised on Oct. 6.
Meanwhile, TravelCenters of America LLC’s $100 million of 8% $25-par senior notes due 2030 (NYSE: TANP) – a deal priced Sept. 30 – traded “over par,” according to the trader.
As for Targa Resources Partners LP’s $110 million of 9% series A fixed-to-floating rate cumulative redeemable perpetual preferred units, those moved up to $24.85 bid from a $24.80 to $24.85 context earlier in the session.
That deal priced Wednesday.
Away from recent issues, “everybody’s getting ready for earnings season with these banks,” a trader noted. There have been some stories circulating that the figures will not be stellar, he added.
JPMorgan Chase & Co. is slated to kick off the third-quarter earnings season on Tuesday after the market closes. Ahead of the release, the bank’s 6.1% series AA noncumulative preferreds (NYSE: JPMPG) were off 3 cents at $25.22.
Also in the secondary, Magnum Hunter Resources Corp.’s preferreds were paring losses from Monday’s session. The preferreds had dropped about 50% on Monday after it was announced late Friday that advisers had been hired to look into strategic alternatives and dividends on the preferreds were suspended.
The 8% series D cumulative preferreds (NYSE: MHRPD) were up 28 cents, or 6.05%, at $4.91. The 10.25% series C cumulative preferreds (NYSE: MHRPC) moved up 48 cents, or 14.41%, to $3.82.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.