Morning Commentary: Fortress Biotech offers perpetual preferreds; Morgan Stanley, JPMorgan better

By Cristal Cody

Tupelo, Miss., Nov. 1 – Fortress Biotech, Inc. announced plans on Wednesday to price an offering of series A cumulative redeemable perpetual preferred stock.

The New York-based biopharmaceutical company is offering the preferreds via bookrunners FBR, National Securities Corp. and H.C. Wainwright & Co.

Preferreds were mostly better at the start of the session.

The Wells Fargo Hybrid and Preferred Securities index improved 6 basis points.

The U.S. iShares Preferred Stock ETF was off less than 1 bp.

Bank and financial preferreds continued to be active in trading early Wednesday.

Morgan Stanley’s 5.85% fixed-to-floating rate series K non-cumulative preferred shares (NYSE: MSPrK) traded a dime better over the morning at $27.10.

J.P. Morgan Chase & Co.’s 5.5% series O non-cumulative preferred stock (NYSE: JPMPrD) improved 3 cents early in the session to $25.10.

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