Morning Commentary: WhiteHorse taps market; KeyCorp declines; Energy Transfer down

By James McCandless

San Antonio, Nov. 9 – The preferred market started the Friday session on lower volume as the Wells Fargo Hybrid & Preferred Securities Financial index was down 0.03% in early activity.

WhiteHorse Finance, Inc. priced $33 million of $25-par seven-year notes at par with a coupon of 6.5%.

The deal was announced Thursday morning.

There is a $4.95 million greenshoe.

Ladenburg Thalmann & Co. Inc., BB&T Capital Markets and Janney Montgomery Scott LLC are the joint bookrunners.

In the secondary, KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferred stock started the session lower.

The preferreds (NYSE: KEYPrJ) were down 5 cents to $24.41 on volume of about 66,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock edged up.

The preferreds (NYSE: JPMPrD) were up 1 cent to $24.95 with about 46,000 shares trading.

Bank of America Corp.’s 5.875% series HH non-cumulative preferreds, while relatively active, were flat early Friday.

The preferreds (NYSE: BACPrK) were level at $24.78 on volume of about 30,000 shares.

In the energy sector, Energy Transfer Partners, LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units joined the negative trend.

The preferreds (NYSE: ETPPrD) were down 8 cents to $25.17 with about 41,000 shares trading.

Telecom company AT&T, Inc.’s 5.35% global notes due 2066 were gaining at the start of Friday’s activity.

The notes (NYSE: TBB) were up 3 cents to $23.85 on volume of about 29,000 notes.

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