Morning Commentary: Preferreds firm in early midweek trading; American Homes, TriplePoint list

By Stephanie N. Rotondo

Seattle, July 19 – The preferred stock market continued to post gains going into the midweek session.

The Wells Fargo Hybrid and Preferred Securities index was up 12 basis points at mid-morning. The U.S. iShares Preferred Stock ETF was up 15 bps.

Recent issues were hitting the New York Stock Exchange on Wednesday, including American Homes 4 Rent’s $115 million of 5.875% series G cumulative redeemable preferreds and TriplePoint Venture Growth BDC Corp.’s $65 million of 5.75% $25-par notes due 2022.

The former listed under the ticker “AMHPrG,” while the latter was admitted under the symbol “TPVY.”

American Homes was trading up 8 cents upon listing, trading at $25.13. TriplePoint was also better, adding 58 cents, or 2.36%, to trade at $25.20.

American Homes priced July 10. TriplePoint came July 11.

As for Two Harbors Investment Corp.’s $250 million of 7.625% series B fixed-to-floating rate cumulative redeemable preferreds – a deal from July 12 that has not yet listed – it was up 39 cents, or 1.56%, at $25.33.

Away from the recent issues, Fannie Mae and Freddie Mac preferreds were busy and better.

Fannie’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) firmed 15 cents, or 2.45%, to $6.28. Freddie’s 8.375% fixed-to-floating rate noncumulative preferreds (OTCBB: FMCKJ) rose 13 cents, or 2.27%, to $5.85.

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