Morning Commentary: Global Net Lease ups dividend; Energy Transfer down; Synovus drops

By James McCandless

San Antonio, July 16 – Global Net Lease, Inc. increased the dividend in its best-efforts offering of series B preferreds to 6.25% from 5.5%.

Value Base Underwriting and Securities Distribution Ltd. is the distributor in Israel (see related story elsewhere in this issue).

In secondary trading, Energy Transfer Partners, LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units saw declines amid the company announcing an offering of series D preferred units (see related story elsewhere in this issue).

The preferreds (NYSE: ETPPrC) were down 33 cents to $25.02 with about 329,000 shares trading.

Separately, Synovus Financial Corp.’s recent $200 million 6.3% series D fixed-to-floating rate non-cumulative perpetual preferred stock also declined to start the week.

The preferreds (NYSE: SNVPrD) were down 5 cents to $25.84 on volume of about 69,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.30% in early trading, adding to the 0.26% decline at the market close on Friday.

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