Morning Commentary: Energy Transfer leads preferred market upward; Two Harbors down on acquisition

By James McCandless

San Antonio, April 26 – Energy Transfer Partners, LP’s recent series C fixed-to-floating rate cumulative redeemable perpetual preferred units led the market in volume Thursday morning with about 535,000 shares trading so far.

The new 7.375% units priced after market close on April 18.

The preferreds were up 2 cents to $24.62.

Two Harbors Investment Corp.’s 7.625% series B fixed-to-floating rate cumulative redeemable preferred stock was trading down Thursday morning amid reports that the company has acquired CYS Investments, Inc. for $15 million in cash and an opportunity for CYS shareholders to exchange their common stock for Two Harbors common stock.

The preferreds are trading at almost quadruple its normal volume with about 147,000 shares exchanged.

The preferreds were down 6 cents to $24.78 early Thursday.

Two Harbors is a New York City-based real estate investment trust.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.08% in early trading after falling 0.26% at market close on Wednesday.

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