Morning Commentary: Preferred stocks mixed; MB Financial on tap; Ashford Hospitality slips

By Cristal Cody

Tupelo, Miss., Nov. 13 – Preferred stocks opened mixed on Monday with at least one issuer planning to tap the primary market.

The Wells Fargo Hybrid and Preferred Securities index was up 4 basis points.

The U.S. iShares Preferred Stock ETF fell 3 bps.

MB Financial, Inc. plans to price depositary shares representing a 1/40th interest in a share of series C non-cumulative perpetual preferred stock.

The company’s subsidiary, MB Financial Bank, NA, also intends to price 10-year fixed-to-floating rate subordinated notes.

In early trading on Monday, Ashford Hospitality Trust Inc.’s new 7.5% series I perpetual cumulative preferred stock softened 15 cents, or 0.61%, to $24.55.

The trust sold $135 million, or 5.4 million shares, of the preferred stock on Wednesday, and the stock was freed to trade in the pink sheets under the temporary symbol “ASHFP.”

The Dallas-based real estate investment trust plans to list the preferreds on the New York Stock Exchange under the ticker symbol “AHTPrI.”

Rexford Industrial Realty, Inc.’s 5.875% series B cumulative redeemable preferred shares (//BB) that priced on Nov. 6 improved 4 cents, or 0.04%, to $25.05 in over-the-counter trading under the temporary symbol “RXXFP.”

The company sold $75 million, or 3 million shares, in the offering.

The Los Angeles-based real estate investment trust plans to list the preferreds on the NYSE under the ticker symbol “REXRPrB.”

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