Morning Commentary: Energy preferreds firm up as oil prices rise; Triangle greenshoe exercised

By Stephanie N. Rotondo

Phoenix, Feb. 13 – A preferred stock trader said early dealings were “mixed,” as another oil price rally was helping names like Vanguard Natural Resources LLC “bounce back a little bit.”

“But besides that, everything’s pretty flat,” he said.

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

West Texas Intermediate crude was improving again in early trading, moving up over $2 by mid-morning.

In response, Vanguard’s 7.625% series B cumulative redeemable preferred units (Nasdaq: VNRBP) were up 13 cents at $21.87.

Meanwhile, Triangle Capital Corp. said it had exercised a greenshoe on its $75 million offering of 6.375% $25-par notes due 2022.

The over-allotment option lifted total issuance to $86.25 million.

The deal priced Feb. 4.

On the news, the notes were trading up 2 cents to $25.19.

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