Morning Commentary: Goldman Sachs improves; NuStar $25-par notes up; Annaly lower

By James McCandless

San Antonio, Sept. 3 – While the preferred market started the day edging higher, top-volume traders in the secondary market were mixed.

The Wells Fargo Hybrid & Preferred Securities Financial index was up by 0.07% at the open.

Leading the early Thursday secondary activity, Goldman Sachs Group, Inc.’s 5.5% series J fixed-to-floating rate perpetual non-cumulative preferred stock was improving.

The preferreds (NYSE: GSPrJ) were up 11 cents to $27.14 on volume of about 257,000 shares.

Elsewhere in the finance space, Truist Financial Corp.’s 5.25% series O non-cumulative perpetual preferred stock was falling.

The preferreds (NYSE: TFCPrO) were declining by 20 cents to $27.55 with about 44,000 shares trading.

In the oil and gas space, NuStar Logistics, LP’s 7.625% fixed-to-floating rate subordinated notes due 2043 were moving along an upward track.

The notes (NYSE: NSS) were picking up 9 cents to $20.43 on volume of about 66,000 notes.

Real estate investment trust Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds were under pressure.

The preferreds (NYSE: NLYPrF) were sliding 11 cents to $23.00 with about 45,000 shares trading.

Sector peer Bluerock Residential Growth REIT, Inc.’s 7.125% series D cumulative preferred stock was shooting higher.

The preferreds (NYSE: BRGPrD) were jumping up 85 cents to $24.57 on volume of about 41,000 shares.

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