Morning Commentary: Teekay offers new perpetual preferred units; Steel Partners preferreds slip

By Cristal Cody

Tupelo, Miss., Oct. 16 – Teekay LNG Partners LP is offering series B fixed-to-floating rate cumulative redeemable perpetual preferred units, according to a 424B5 filing with the Securities and Exchange Commission on Monday.

The offering follows JPMorgan Chase & Co.’s $1,257,500,000 sale on Friday of perpetual fixed-to-floating rate non-cumulative preferred shares.

Preferreds opened Monday’s session with a mostly positive tone.

The U.S. iShares Preferred Stock ETF was up 4 basis points.

The Wells Fargo Hybrid and Preferred Securities index was up 1 bp at the start of the day.

In early trading, Steel Partners Holdings LP’s 6% series A preferred units were down 3 cents, or 0.14%, to $20.80.

The preferreds began trading on the New York Stock Exchange on Monday under the temporary symbol “SPLPPrT.”

The preferred units are due Feb. 7, 2026 and were issued as part of an exchange for shares of Handy & Harman Ltd. that expired on Oct. 12.

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