Morning Commentary: Public Storage preferreds on tap; New York Mortgage higher; AT&T up

By James McCandless

San Antonio, Dec. 11 – The preferred space opened the midpoint of the week with overall positivity as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.07%.

In primary market activity, Public Storage plans to price an offering of $25-par series K cumulative preferred shares.

BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.

The preferreds are redeemable after five years.

Meanwhile, its established 4.7% series J cumulative preferred shares were losing ground as the day started.

The preferreds (NYSE: PSAPrJ) were down 15 cents to $25.08 on volume of about 30,000 shares.

Elsewhere in the real estate investment trust space, New York Mortgage Trust, Inc.’s 7.875% series E fixed-to-floating rate cumulative redeemable preferreds were tracking higher.

The preferreds (Nasdaq: NYMTM) were gaining 8 cents to $25.14 with about 93,000 shares trading.

After the close on Tuesday, the company declared quarterly dividends for its common stock and four series of preferred stock, including the series E preferreds.

Elsewhere, telecom name AT&T Inc.’s new 5% series A perpetual preferred stock started the session positive.

The preferreds, trading under the temporary symbol “ATATL,” were adding 1 cent to $25.10 on volume of about 169,000 shares.

Financial services company AXA Equitable Holdings, Inc.’s 5.25% series A fixed-rate non-cumulative perpetual preferreds followed the overarching trend.

The preferreds (NYSE: EQHPrA) were picking up 5 cents to $25.04 with about 63,000 shares trading.

Sector peer Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were climbing.

The preferreds (NYSE: DXB) were rising 8 cents to $25.63 on volume of about 36,000 shares.

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