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Morning Commentary: Banner notes on deck; Ally Financial lifted; Public Storage gains
By James McCandless
San Antonio, June 25 – Top traders in the preferred market were trending upward early Thursday as the Wells Fargo Hybrid & Preferred Securities Financial index started down by 0.12%.
In primary activity, Banner Corp. announced plans to price an offering of $1,000-par fixed-to-floating rate subordinated notes due 2030.
BofA Securities, Inc. and Piper Sandler & Co. are the bookrunners.
The coupon is fixed for five years, then converts to a floating rate of the three-month SOFR plus a spread.
The notes are redeemable after five years at par. Prior to that, they are redeemable within 90 days after a tax event, a tier 2 capital event or if the company is required to register as an investment company.
Leading the morning’s secondary trading volume, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were being lifted.
The preferreds (NYSE: ALLYPrA) were up 51 cents to $22.90 on volume of about 130,000 shares.
Elsewhere in the finance space, Truist Financial Corp.’s 5.25% series O non-cumulative perpetual preferred stock started with a downturn.
The preferreds (NYSE: TFCPrO) were shaving off 2 cents to $25.77 with about 42,000 shares trading.
Real estate investment trust Public Storage’s 4.625% series L cumulative preferred shares were following a positive track.
The preferreds (NYSE: PSAPrL) were up 6 cents to $25.06 on volume of about 60,000 shares.
Sector peer MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferreds were improving.
The preferreds (NYSE: MFAPrC) were rising 23 cents to $17.56 with about 58,000 shares trading.
Meanwhile, oil and gas company NGL Energy Partners LP’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units were declining.
The preferreds (NYSE: NGLPrB) were falling 87 cents to $14.13 on volume of about 56,000 shares.
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