Origin, Brookfield tap market; Truist Financial better; Public Storage preferreds gain

By James McCandless

San Antonio, Oct. 8 – At the end of the Thursday session, the preferred market continued to see positivity.

In the primary space, Origin Bancorp, Inc. priced an $80 million offering of $1,000-par fixed-to-floating rate subordinated notes due Nov. 1, 2030 at par.

Also, Brookfield Finance Inc. priced a $400 million offering of $25-par subordinated notes due Oct. 16, 2080 at par.

Leading the day’s secondary activity, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock saw better levels.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds trended upward.

REIT Public Storage’s recent 3.875% series N cumulative preferred shares were also seen gaining.

Meanwhile, real estate developer Brookfield Property Partners LP’s 5.75% series 3 class A cumulative redeemable perpetual preferred units were boosted.

Oil and gas company Energy Transfer Operating LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units spiked.

Origin prices

In the primary space, Origin priced an $80 million offering of $1,000-par fixed-to-floating rate subordinated notes (Kroll: BBB-) due Nov. 1, 2030 at par.

Stephens Inc. is the bookrunner.

On Nov. 1, 2025, the coupon converts to a floating rate of the three-month SOFR plus 432 basis points.

The notes are redeemable on or after Nov. 1, 2025. Prior to that, the notes are redeemable after a tax event, a tier 2 capital event or if the company is required to register as an investment company at par.

Brookfield’s deal

Also, Brookfield Finance priced a $400 million offering of $25-par subordinated notes (Baa3/BBB/BBB/DBRS: BBB) due Oct. 16, 2080 at par.

The notes will be guaranteed by Brookfield Asset Management Inc.

J.P. Morgan Securities LLC, BofA Securities, Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the bookrunners.

The notes are redeemable on or after Oct. 16, 2025 at par. Prior to that, the notes are redeemable after a tax event at par or 120 days after a rating event at par.

Truist better

Leading the day’s preferred secondary activity, Truist Financial’s 4.75% series R non-cumulative perpetual preferred stock saw better levels.

The preferreds (NYSE: TFCPrR) were up 15 cents to close at $26.40 on volume of about 325,000 shares.

Elsewhere in the finance space, Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferreds trended upward as the session ended.

The preferreds (NYSE: COFPrJ) picked up 2 cents to close at $24.90 on volume of about 219,000 shares.

Public Storage gains

Real estate investment trust Public Storage’s recent 3.875% series N cumulative preferred shares were also seen gaining ground.

The preferreds, trading under the temporary symbol “PSADL,” pushed up 8 cents to close at $24.98 on volume of about 272,000 shares.

Brookfield boosted

Meanwhile, real estate developer Brookfield Property’s 5.75% series 3 class A cumulative redeemable perpetual preferred units were boosted.

The preferreds (Nasdaq: BPYPN) shot up 43 cents to close at $18.98 with about 238,000 shares trading.

Energy Transfer spikes

Oil and gas company Energy Transfer’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units spiked by the end of the afternoon.

The preferreds (NYSE: ETPPrD) jumped up 73 cents to close at $19.15 on volume of about 219,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index finished the session unchanged, backing off a 0.22% rise in early Thursday trading.

The iShares US Preferred Stock ETF was up 7 cents to $37.01.

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