Natur plans offering; Public Storage active, flat; Annaly Capital preferreds improve

By James McCandless

San Antonio, July 1 – Top traders in the preferred market were mixed while the market shifted higher.

Natur International Corp. plans to price an offering of $7.2 million total of series D, series E and series G preferred stock.

Public Storage’s 5.6% series H cumulative preferred stock was active during the day but ended flat.

Sector peer Annaly Capital Management, Inc.’s recent 6.75% series I and 6.95% series F fixed-to-floating rate cumulative redeemable perpetual preferred stock were both improving.

Retirement company Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares slipped.

Elsewhere, in finance, Bank of America Corp.’s 6.5% series Y non-cumulative preferreds moved lower.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds also saw a decline.

Natur preps deal

Natur International plans to price an offering of $7.2 million total of series D, series E and series G preferred stock.

Each series of the preferreds will be convertible into common stock at the option of the holder until Dec. 31, 2021, when they are automatically converted.

The offering also comes with warrants to purchase common stock.

Public Storage flat

Leading the day’s trading, real estate investment trust Public Storage’s 5.6% series H cumulative preferred stock was active but finished flat.

The preferreds (NYSE: PSAPrH) were seen ending level at $26.19 on volume of about 611,000 shares.

Sector peer Annaly Capital’s recent 6.75% series I and 6.95% series F fixed-to-floating rate cumulative redeemable perpetual preferred stock were both seen improving by the end of the session.

The series I preferreds (NYSE: ALYPrI) picked up 12 cents to close at $25.03 with about 441,000 shares trading.

The series F preferreds (NYSE: ALYPrF) added 8 cents to close at $25.48 with about 177,000 shares trading.

Athene slips

Meanwhile, retirement name Athene’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares slipped lower.

The preferreds (NYSE: ATHPrA) lost 1 cent to close at $26.39 on volume of about 397,000 shares.

Bank of America lower

Elsewhere, in the finance space, Bank of America’s 6.5% series Y non-cumulative preferreds trended negatively.

The preferreds (NYSE: BACPrY) declined by 2 cents to close at $25.50 with about 353,000 shares trading.

JPMorgan’s 5.75% series DD non-cumulative preferreds were also in decline.

The preferreds (NYSE: JPMPrD) were down 16 cents to close at $26.76 on volume of about 160,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.16%, holding steady after a 0.17% gain from early Monday trading.

The iShares US Preferred Stock ETF was up 2 cents to $36.87.

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