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Morning Commentary: Digital Realty on tap; Public Storage lower; National General gains
By James McCandless
San Antonio, March 4 – The preferred market kicked off a new week mixed as the Wells Fargo Hybrid & Preferred Securities Financial index was down 0.01%.
Digital Realty Trust, Inc. plans to price an offering of $25-par series K cumulative redeemable preferred stock.
BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The preferreds are redeemable after five years at par. Prior to that, they are redeemable within 120 days after a change-of-control event.
At the top of activity, real estate investment trust Public Storage’s new 5.6% series H cumulative preferred shares were declining at the open.
The preferreds, trading under the temporary symbol “PSALL,” were down 5 cents to $25.12 on volume of about 185,000 shares.
Meanwhile, insurance provider National General Holdings Corp.’s 7.5% series C non-cumulative preferreds were trading better.
The preferreds (Nasdaq: NGHCN) picked up 10 cents to $21.65 with about 78,000 shares trading.
Elsewhere, in the finance space, Stifel Financial Corp.’s 6.25% series B non-cumulative preferred stock was also positive.
The preferreds, trading under the temporary symbol “SFEIP,” started higher by 6 cents to $25.23 on volume of about 76,000 shares.
Sector peer People’s United Financial, Inc.’s 5.625% series A fixed-to-floating rate non-cumulative perpetual preferred stock followed the upward track.
The preferreds (Nasdaq: PBCTP) were up 18 cents to $24.00 with about 59,000 shares trading.
Aircraft leasing name Air Lease Corp.’s recent 6.15% series A fixed-to-floating rate non-cumulative perpetual preferred stock saw a slight early gain.
The preferreds, trading under the temporary symbol “ALSCP,” gained 2 cents to $25.35 on volume of about 73,000 shares.
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