Morning Commentary: Dynagas preferred stock on tap; JPMorgan flat; U.S. Bancorp better

By James McCandless

San Antonio, Oct. 16 – The preferred space opened with a positive trend on Tuesday on low volume with the Wells Fargo Hybrid & Preferred Securities Financial index picking up 0.10% in early activity.

Dynagas LNG Partners LP plans to price an offering of $25-par series B fixed-to-floating rate cumulative redeemable perpetual preferred stock.

Morgan Stanley & Co. LLC, UBS Securities LLC and Stifel, Nicolaus & Co., Inc. are the joint bookrunners. B. Riley FBR, Inc. is the co-manager.

The preferreds are redeemable on or after Nov. 22, 2023 at par plus accrued dividends.

If the preferreds are not redeemed by Nov. 22, 2023, the dividend will convert to Libor plus a spread.

Meanwhile, at the top of the secondary yet again, JPMorgan Chase & Co.’s recent 5.75% series DD non-cumulative preferred stock was active but level.

The preferreds (NYSE: JPMPrD) held at Monday’s level of $25.00 on volume of about 89,000 shares.

Elsewhere in the financial space, U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock gained.

The preferreds (NYSE: USBPrP) were up 1 cent to $24.18 with about 46,000 shares trading.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock was also rising.

The preferreds (NYSE: BACPrK) were up 3 cents to $25.10 on volume of about 45,000 shares.

Away from finance, shipping company Seaspan Corp.’s 8% series I fixed-to-floating rate cumulative redeemable perpetual preferred shares were trading lower.

The preferreds (NYSE: SSWPrE) were down 16 cents to $25.24 with about 45,000 shares trading.

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