Morning Commentary: Preferred stocks open mixed to start trading; National Storage flat; Teekay up

By Cristal Cody

Tupelo, Miss., Oct. 20 – Preferred stocks gave off a mixed tone early Friday.

The U.S. iShares Preferred Stock ETF improved 5 basis points.

The Wells Fargo Hybrid and Preferred Securities index opened off 1 bp.

In trading over the morning, National Storage Affiliates Trust’s $150 million of 6% series A cumulative redeemable preferreds (Nasdaq: NSAFP) that priced on Oct. 3 were unchanged at $25.09.

Teekay LNG Partners LP’s $150 million of 8.5% series B fixed-to-floating rate cumulative redeemable perpetual preferred units that priced at the beginning of the week and freed to trade on Tuesday gained 7 cents in early trading to $24.97.

The preferreds, which were issued the temporary symbol “TKYYF,” closed down 14 cents on Thursday at $24.90.

The distribution rate on the preferreds will convert to a floating rate equal to Libor plus a spread of 624.1 bps per year per $25.00 of liquidation preference per unit from Oct. 15, 2027.

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