CIM Commercial offers preferreds; Annaly Capital positive; Highland preferreds active

By James McCandless

San Antonio, July 31 – The preferred space spent most of Wednesday improving despite shifting lower after the Federal Reserve’s midday press conference on interest rates.

In primary activity, CIM Commercial Trust Corp. said it plans to price up to $900 million of $25-par series A preferred stock units with a dividend of 5.5%.

Each preferred share unit includes one warrant to purchase common stock.

Leading secondary trading volume, Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable preferreds ended positive.

The preferreds (NYSE: NLYPrI) were up 3 cents to close at $25.71 on volume of about 1.4 million shares.

Closed-end fund Highland Income Fund’s new 5.375% series A cumulative preferred shares closed the session better.

The preferreds, trading under the temporary symbol “HFROP,” added 3 cents to close at $24.85 with about 1.4 million shares trading.

Meanwhile, in finance, Synovus Financial Corp.’s 5.875% series E fixed-rate non-cumulative perpetual preferreds declined.

The preferreds (NYSE: SNVPrE) lost 8 cents to close at $25.84 on volume of about 678,000 shares.

Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were trending upward.

The preferreds (NYSE: JPMPrC) garnered 7 cents to close at $27.81 with about 620,000 shares trading.

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