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Morning Commentary: Medical Transcription, OFS to tap $25-par market; Wells Fargo lower
By James McCandless
San Antonio, Oct. 11 – The preferred primary space saw a boost in activity as the Wells Fargo Hybrid & Preferred Securities Financial index opened higher at 0.08%.
OFS Capital Corp. said it plans to price a $35 million offering of $25-par notes due 2025 with a coupon in the 6.5% area.
The deal was announced Thursday morning.
Ladenburg Thalmann & Co. Inc., BB&T Capital Markets and Janney Montgomery Scott LLC are the joint bookrunners.
The notes are redeemable on or after a certain period.
Medical Transcription Billing Corp. said it is placing another $15 million of its $25-par 11% series A cumulative redeemable perpetual preferred stock in a best-efforts offering.
H.C. Wainwright & Co., Boenning & Scattergood and Chapin Davis Investments are the placement agents.
The preferreds will be sold at par of $25.00 per share.
The existing preferreds (Nasdaq: MTBCP) were down $2.43 in early trading to $25.37 on volume of about 244,000 shares.
Elsewhere, JPMorgan Chase & Co.’s recent issue of 5.75% series DD non-cumulative preferred stock rose, leading the financial space.
The preferreds (NYSE: JPMPrD) were up 1 cent to $24.90 with about 130,000 shares trading.
Wells Fargo & Co.’s 5.5% series X non-cumulative perpetual class A preferred stock opened lower in early activity.
The preferreds (NYSE: WFCPrX) were down 13 cents to $24.10 with about 113,000 shares trading.
In the energy space, DCP Midstream, LP’s new $100 million 7.95% series C fixed-to-floating rate cumulative redeemable perpetual preferred units also moved lower.
The preferreds (NYSE: DCPPrC) were down 7 cents to $24.53 on volume of about 108,000 shares.
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