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Morning Commentary: Teekay Offshore preferreds sink; AGNC better; Ally Financial rises
By James McCandless
San Antonio, May 20 – Top-trading preferred shares began a new week mixed as the Wells Fargo Hybrid & Preferred Securities Financial index started down by 0.05%.
Outpacing other names in early activity, Teekay Offshore Partners LP’s 7.25% series A cumulative redeemable preferred units and its 8.875% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were both sinking as the session began.
The series A preferreds (NYSE: TOOPrA) were down $2.62 to $14.79 on volume of about 118,000 shares.
The series E preferreds (NYSE: TOOPrE) were down $3.80 to $14.80 on volume of about 100,000 shares.
Early Monday, the company announced that it had received an offer to be acquired by Brookfield Consortium for $1.05 in cash per common unit that it does not already own.
Elsewhere, real estate investment trust AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds were better at the open.
The preferreds (Nasdaq: AGNCM) started up by 2 cents to $25.05 with about 32,000 shares trading.
Meanwhile, in finance, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also on the rise.
The preferreds (NYSE: ALLYPrA) picked up 3 cents to $25.85 on volume of about 26,000 shares.
Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock edged lower.
The preferreds (NYSE: JPMPrC) dipped 1 cent to $26.42 with about 25,000 shares trading.
Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were being pushed lower.
The preferreds (NYSE: DKT) were down 6 cents to $25.85 on volume of about 20,000 shares.
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