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Morning Commentary: Fortress to sell more preferreds; U.S. Bancorp trails; Argo gains
By James McCandless
San Antonio, Aug. 24 – The preferred space began a new week skewing positively as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 0.14%.
Kicking off the week’s primary activity, Fortress Biotech, Inc. plans to price more of its $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 9.375%.
Benchmark Co. and ThinkEquity are the bookrunners.
The preferreds are redeemable on or after Dec. 15, 2022 at par. Prior to that, the preferreds are redeemable within 120 days after a change of control at par.
On Monday morning, the preferreds (Nasdaq: FBIOP) were down 94 cents to $18.29 on volume of about 16,000 shares.
Leading the secondary market at the start, U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferred stock was trailing.
The preferreds (NYSE: USBPrH) were shaving off 18 cents to $23.30 with about 160,000 shares trading.
Elsewhere in the banking and finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock started moving on the positive side.
The preferreds (NYSE: JPMPrC) were picking up 1 cent to $28.00 on volume of about 85,000 shares.
Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was also rising.
The preferreds (NYSE: COFPrJ) were adding 5 cents to $23.94 with about 35,000 shares trading.
Insurance carrier Argo Group International Holdings, Ltd.’s 7% resettable fixed-rate preference shares were gaining ground.
The preferreds (NYSE: ARGOPrA) were improving by 17 cents to $25.73 on volume of about 118,000 shares trading.
Meanwhile, communications name Qwest Corp.’s 6.5% notes due 2056 followed the market’s positive trend.
The notes (NYSE: CTBB) were tacking on 9 cents to $25.56 with about 26,000 notes trading.
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