Morning Commentary: Morgan Stanley preferreds at par; Energy Transfer 7.6% units sink

By James McCandless

San Antonio, Nov. 19 – The preferred market opened Tuesday with a small gain as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.03%.

Leading the early trading on its first day, Morgan Stanley’s new $500 million 4.875% series L non-cumulative preferred stock were seen at par.

The preferreds, trading under the temporary symbol “MSLQL,” were holding at $25.00 on volume of about 693,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative perpetual preferreds were pushing upward.

The preferreds (NYSE: JPMPrJ) were gaining 9 cents to $25.13 with about 268,000 shares trading.

Sector peer CIT Group, Inc.’s 5.625% series B non-cumulative preferred stock was shooting higher.

The preferreds (NYSE: CITPrB) were improving by 22 cents to $25.48 on volume of about 236,000 shares.

Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were sinking.

The preferreds (NYSE: ETPPrE) were off 19 cents to $24.52 with about 37,000 shares trading.

Meanwhile, real estate investment trust Public Storage’s 4.7% series J cumulative preferred shares was positive as the morning began.

The preferreds (NYSE: PSAPrJ) were rising 5 cents to $25.05 on volume of about 27,000 shares.

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