Duke Energy sells $1 billion preferreds; U.S. Bancorp lower; Morgan Stanley weakens

By James McCandless

San Antonio, March 25 – Active preferred issues were mixed in secondary trading on Monday as one issuer tapped the market for $1 billion.

Duke Energy Corp. priced a $1 billion offering of series A cumulative redeemable perpetual preferred stock at par with a dividend of 5.75% on Monday.

In the secondary, U.S. Bancorp’s 6.5% series F non-cumulative perpetual preferred stock moved lower.

The preferreds (NYSE: USBPrM) were down 17 cents to close at $27.12 on volume of about 2.6 million shares.

Elsewhere in finance, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds were also negative.

The preferreds (NYSE: MSPrK) lost 10 cents to close at $25.95 with about 275,000 shares trading.

Real estate investment trust National Retail Properties, Inc.’s 5.7% series E cumulative redeemable preferred stock ended slightly better.

The preferreds (NYSE: NNNPrE) added 3 cents to close at $25.16 on volume of about 420,000 shares.

Sector peer Public Storage’s 5.6% series H cumulative preferreds were also higher.

The preferreds (NYSE: PSAPrH) gained 3 cents to close at $25.37 with about 384,000 shares trading.

Insurance provider Brighthouse Financial, Inc.’s 6.6% series A non-cumulative preferred stock followed the upward path.

The preferreds, trading under the temporary symbol “BHFLL,” added 10 cents to close at $25.35 on volume of about 386,000 shares.

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