Morning Commentary: Ardmore Shipping $25-pars eyed; JPMorgan mixed; DCP Midstream drops

By James McCandless

San Antonio, Nov. 19 – The holiday week began with low volume and mixed trading as the Wells Fargo Hybrid & Preferred Securities Financial index opened lower by 0.04%.

Ardmore Shipping Corp. plans to price an offering of $25-par notes due Nov. 30, 2023.

Morgan Stanley & Co. LLC and Stifel, Nicolaus & Co., Inc. are the joint bookrunners.

B. Riley FBR, Inc., BB&T Capital Markets, Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc. are the co-managers.

The notes are callable on or after Nov. 30, 2020 at par plus accrued interest and may be called at any time upon certain events. The notes are also redeemable at 101% upon a change of control.

At the top of the secondary, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock and its 5.45% series P non-cumulative preferreds were mixed at the start of the session.

The series DD preferreds (NYSE: JPMPrD) were up 4 cents to $24.62 on volume of about 56,000 shares.

The series P preferreds (NYSE: JPMPrA) were down 5 cents to $24.41 on volume of about 19,000 shares.

Elsewhere in the finance space, Bank of America Corp.’s 5.875% series HH non-cumulative preferreds and its 6% series GG non-cumulative preferreds were moving lower.

The series HH preferreds (NYSE: BACPrK) were down 3 cents to $24.60 with about 22,000 shares trading.

The series GG preferreds (NYSE: BACPrB) were down 7 cents to $24.04 with about 18,000 shares trading.

Meanwhile, in the energy space, DCP Midstream, LP’s 7.95% series C fixed-to-floating rate cumulative redeemable perpetual preferred units saw a sharp drop.

The preferreds (NYSE: DCPPrC) were down 62 cents to $23.88 on volume of about 29,000 shares.

Oil shipping name Tsakos Energy Navigation Ltd.’s 9.25% series E fixed-to-floating rate cumulative perpetual preferreds were trading down.

The preferreds (NYSE: TNPPrE) were off 2 cents to $24.62 with about 16,000 shares trading.

In telecom, AT&T Inc.’s 5.35% global notes due 2066 started Monday better.

The notes (NYSE: TBB) were up 3 cents to $23.77 on volume of about 27,000 notes.

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