Origin, Brookfield tap market; Truist Financial better; Public Storage preferreds gain

By James McCandless

San Antonio, Oct. 8 – At the end of the Thursday session, the preferred market continued to see positivity.

In the primary space, Origin Bancorp, Inc. priced an $80 million offering of $1,000-par fixed-to-floating rate subordinated notes due Nov. 1, 2030 at par.

Also, Brookfield Finance Inc. priced a $400 million offering of $25-par subordinated notes due Oct. 16, 2080 at par.

Leading the day’s secondary activity, Truist Financial Corp.’s 4.75% series R non-cumulative perpetual preferred stock saw better levels.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds trended upward.

REIT Public Storage’s recent 3.875% series N cumulative preferred shares were also seen gaining.

Meanwhile, real estate developer Brookfield Property Partners LP’s 5.75% series 3 class A cumulative redeemable perpetual preferred units were boosted.

Oil and gas company Energy Transfer Operating LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units spiked.

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