FAT Brands preps preferreds; Deutsche Bank heads lower; Two Harbors Investment jumps

By James McCandless

San Antonio, June 3 – Despite an overall positive trend in the preferred space, volume leaders mostly declined.

FAT Brands Inc. plans to price an offering of $30 million series B non-convertible preferred stock with a dividend of 8.25%.

TriPoint Global Equities, LLC is the bookrunner.

Leading secondary trading volume, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities and its Deutsche Bank Contingent Capital Trust II 6.55% trust preferred securities were both negative.

The 8.05% preferreds (NYSE: DKT) were down 19 cents to close at $25.35 on volume of about 351,000 shares.

The 6.55% preferreds (NYSE: DXB) were off 13 cents to close at $24.14 on volume of about 158,000 shares.

Two Harbors Investment Corp.’s 7.625% series B fixed-to-floating rate cumulative redeemable preferred stock saw a boost.

The preferreds (NYSE: TWOPrB) gained 29 cents to close at $25.66 with about 182,000 shares trading.

Meanwhile, in communications, Qwest Corp.’s 6.5% notes due 2056 were trailing by end of the session.

The notes (NYSE: CTBB) fell 20 cents to close at $22.79 on volume of about 145,000 notes.

In oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units (NYSE: ETPPrE) dropped 26 cents to close at $24.40 with about 145,000 shares trading.

© 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.