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Morning Commentary: American Finance preps offering; AGNC better; Public Storage flat
By James McCandless
San Antonio, March 21 – The preferred space opened Thursday in positive territory as the Wells Fargo Hybrid & Preferred Securities Financial index was up 0.04%.
American Finance Trust, Inc. plans to price a $100 million offering of series A cumulative redeemable perpetual preferred stock with a dividend of 7.25% to 7.5%.
BMO Capital Markets Corp. and Stifel, Nicolaus & Co., Inc. are the joint bookrunners.
B. Riley FBR, Inc. is a lead manager.
The preferreds are redeemable after five years. Prior to that, they are redeemable within 90 days after a delisting event and 120 days after a change-of-control event.
In the secondary market, real estate investment trust AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds started the session slightly higher.
The preferreds (Nasdaq: AGNCM) were up 2 cents to $25.04 on volume of about 73,000 shares.
Sector peer Public Storage’s 5.6% series H cumulative preferred shares were relatively active but flat at the start of trading.
The preferreds (NYSE: PSAPrH) were unchanged at $25.29 with about 45,000 shares trading.
Meanwhile, in utilities, Southern Co.’s 5.25% series 2016A junior subordinated notes due 2076 were on the rise.
The notes (NYSE: SOJB) started up by 14 cents to $25.07 on volume of about 42,000 notes.
Insurance provider Brighthouse Financial, Inc.’s new 6.6% series A non-cumulative preferred stock was also on the positive side.
The preferreds, trading under the temporary symbol “BHFLL,” were better by 1 cent to $25.18 with about 42,000 shares trading.
Elsewhere, communications name Qwest Corp.’s 6.5% notes due 2056 were following the upward trend.
The notes (NYSE: CTBB) added 10 cents to $22.24 on volume of about 34,000 notes.
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