Preferreds mostly improve; new Teekay, Steel Partners preferreds soften; Annaly gains

By Cristal Cody

Tupelo, Miss., Oct. 19 – Preferred stocks turned around on Thursday and closed mostly stronger after softening in the first half of the week.

The Wells Fargo Hybrid and Preferred Securities index climbed 9 basis points.

The U.S. iShares Preferred Stock ETF closed up 13 bps.

Newly issued preferreds were softer in trading.

Teekay LNG Partners LP’s 8.5% series B fixed-to-floating rate cumulative redeemable perpetual preferred units closed down 14 cents, or 0.56%, to $24.90.

Teekay priced $150 million of the preferred units on Monday. The preferreds freed to trade on Tuesday under the temporary symbol “TKYYF”.

Steel Partners Holdings LP’s 6% series A preferred units slipped 25 cents, or 1.18%, to $20.84 on Thursday.

The preferred units due Feb. 7, 2026 started trading Monday on the New York Stock Exchange under the temporary symbol “SPLPPrT”.

The New York City-based diversified holding company issued the preferreds as part of an exchange for shares of Handy & Harman Ltd. that expired on Oct. 12.

In other trading, Annaly Capital Management Inc.’s 6.95% series F cumulative redeemable preferreds (NYSE: NLYPrF) ended the day 16 cents, or 0.61%, better at $26.54.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.