Morning Commentary: Brookfield Property below par; JPMorgan gains; Public Storage up

By James McCandless

San Antonio, March 15 – Preferred stocks opened with a focus on a recent new issue while the Wells Fargo Hybrid & Preferred Securities Financial index began higher by a slight 0.02%.

At the top of activity, Brookfield Property Partners LP’s new $160 million 6.5% series I class A cumulative redeemable perpetual preferred units were seen below par on their first trading day.

The preferreds, trading under the temporary symbol “BRKPF,” were spotted at $24.80 on volume of about 868,000 shares.

The deal priced on Thursday.

Meanwhile, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was gaining early.

The preferreds (NYSE: JPMPrD) picked up 5 cents to $26.34 with about 34,000 shares trading.

Elsewhere in the banking and finance space, Wells Fargo & Co.’s 5.5% series X non-cumulative perpetual class A preferreds were also on the rise.

The preferreds (NYSE: WFCPrX) were up 9 cents to $25.07 on volume of about 22,000 shares.

Real estate investment trust Public Storage’s 5.6% series H cumulative preferred shares were better at the open.

The preferreds (NYSE: PSAPrH) rose 3 cents to $25.31 with about 33,000 shares trading.

Telecom giant AT&T, Inc.’s 5.25% global notes due 2066 were relatively active but flat.

The notes (NYSE: TBB) were level at $24.92 on volume of about 24,000 notes.

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