Morning Commentary: NuStar Energy plans deal; preferreds mixed; Ashford Hospitality, Rexford soften

By Cristal Cody

Tupelo, Miss., Nov. 14 – NuStar Energy LP announced on Tuesday the company is offering series C fixed-to-floating rate cumulative redeemable perpetual preferred units.

In other pricing action, Energy Transfer Partners, LP sold $1.5 billion of fixed-to-floating rate cumulative redeemable perpetual preferred units in two tranches.

Preferred stocks were mixed early Tuesday.

The Wells Fargo Hybrid and Preferred Securities index was up 4 basis points.

The U.S. iShares Preferred Stock ETF dropped 11 bps over the morning.

Ashford Hospitality Trust Inc.’s new 7.5% series I perpetual cumulative preferred stock, which went out 10 cents weaker on Monday, fell another 5 cents early Tuesday to $24.55.

The trust sold $135 million, or 5.4 million shares, of the preferred stock on Wednesday. The preferreds were freed to trade in the pink sheets under the temporary symbol “ASHFP.”

The Dallas-based real estate investment trust plans to list the preferreds on the New York Stock Exchange under the ticker symbol “AHTPrI.”

In other over-the-counter trading under the temporary symbol “RXXFP,” Rexford Industrial Realty, Inc.’s 5.875% series B cumulative redeemable preferred shares dropped 10 cents to $24.95 in mid-morning trading.

The company sold $75 million, or 3 million shares, of the series B preferred stock on Nov. 6.

The Los Angeles-based real estate investment trust plans to list the preferreds on the NYSE under the ticker symbol “REXRPrB.”

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