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Morning Commentary: Golar eyes preferred offering; preferreds mixed; Steel Partners improves
By Cristal Cody
Tupelo, Miss., Oct. 24 – Golar LNG Partners LP announced on Tuesday plans to price an offering of series A cumulative redeemable preferred units.
Several issuers have brought preferreds to the market in October, including JPMorgan Chase & Co., Teekay LNG Partners LP, Steel Partners Holdings LP and National Storage Affiliates Trust.
The U.S. iShares Preferred Stock ETF was down about 2 basis points at the start of the day.
The Wells Fargo Hybrid and Preferred Securities index opened flat.
In early trading, Steel Partners Holdings’ 6% series A preferred units (NYSE: SPLPPrA) gained 5 cents, or 0.24%, to $21.25.
The New York City-based diversified holding company issued the preferreds due Feb. 7, 2026 as part of an exchange for shares of Handy & Harman Ltd. that expired on Oct. 12.
In other new issue trading, Teekay LNG Partners’ 8.5% series B fixed-to-floating rate cumulative redeemable perpetual preferred units were down 2 cents, or 0.08%, to $25.00 over the morning.
The Hamilton, Bermuda-based provider of marine transportation services for liquefied gas, petroleum and oil sold $150 million of the preferreds on Oct. 16. The preferreds were freed to trade on Oct. 17 and issued the temporary symbol “TKYYF.”
National Storage Affiliates Trust’s 6% series A cumulative redeemable preferreds (NYSE: NSAPrA) fell 9 cents, or 0.37%, on Tuesday morning to $25.30.
The Greenwood Village, Colo.-based real estate investment trust sold $150 million of the $25-par 6% preferreds on Oct. 3. With the underwriters’ exercise of an over-allotment option, the total deal size was $172.5 million.
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