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Morning Commentary: Public Storage preps offering; PS Business down; JPMorgan lower
By James McCandless
San Antonio, Nov. 5 – The preferred market continued to show weakness with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.22%.
In the primary space, Public Storage plans to price an offering of $25-par series J cumulative preferred shares.
BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The preferreds are redeemable after five years at par.
Leading early activity in the secondary, real estate investment trust PS Business Parks, Inc.’s 4.875% series Z cumulative preferred stock started with a decline.
The preferreds (NYSE: PSBPRrZ) were down 23 cents to $24.72 on volume of about 449,000 shares.
Meanwhile, in the banking and finance space, JPMorgan Chase & Co.’s new 4.75% series GG non-cumulative perpetual preferred stock opened on a negative path.
The preferreds, trading under the temporary symbol “JPGGL,” were losing 8 cents to $24.92 with about 358,000 shares trading.
Sector peer Citizens Financial Group, Inc.’s 5% series E fixed-rate non-cumulative perpetual preferred stock followed the negative trend.
The preferreds (NYSE: CFGPrE) were dipping 8 cents to $24.92 on volume of about 101,000 shares.
Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock were under pressure.
The preferreds (NYSE: COFPrI) were declining by 7 cents to $25.00 with about 72,000 shares trading.
In oil and gas, NuStar Energy LP’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferred units were weaker at Tuesday’s start.
The preferreds (NYSE: NSPrB) were falling 14 cents to $22.57 on volume of about 62,000 shares.
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