Morning Commentary: Digital Realty, Global Indemnity list; oil names rebound with crude prices

By Stephanie N. Rotondo

Phoenix, Aug. 28 – It was a “mixed bag in preferreds,” a trader said of early Friday trading.

“[Treasury] bonds are up slightly, equities are down slightly,” the trader said. “It’s like ‘so what, who cares?’”

The Wells Fargo Hybrid and Preferred Securities index was up 11 basis points at mid-morning.

As was expected, Digital Realty Trust Inc.’s $250 million of 6.35% series I cumulative redeemable perpetual preferred stock – a deal from Aug. 13 – listed on the New York Stock Exchange on Friday.

The ticker symbol is “DLRPI.”

The preferreds were trading at $24.62 early in the day, versus opening levels of $24.68.

Global Indemnity plc’s $100 million of 7.75% $25-par subordinated notes due 2045 also listed, hitting the Nasdaq Global Select Market under the ticker symbol “GBLIZ.”

The notes were trading at $24.60.

That issue priced Aug. 5.

Away from new listings, a trader said that “oil guys are getting a little bounce back” as crude oil prices recovered from the week’s lows.

U.S. benchmark crude was up more than 1% at mid-morning.

Breitburn Energy Partners LP’s 8.25% series A cumulative redeemable perpetual preferred units (Nasdaq: BBEPP) were up 80 cents, or 5.87%, at mid-morning, trading at $14.50. Legacy Reserves LP’s 8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units (Nasdaq: LGCYO) were 40 cents, or 2.62%, higher at $15.65.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.