Morning Commentary: Preferred stocks soft at open; primary quiet; GasLog units freed to trade

By Cristal Cody

Tupelo, Miss., Jan. 10 – Preferred stocks opened on Wednesday mostly weaker.

The Wells Fargo Hybrid and Preferred Securities index slid 24 basis points.

The U.S. iShares Preferred Stock ETF dropped 24 bps by mid-morning.

The preferred stock primary market stayed quiet early Wednesday after two issuers priced deals on Monday and Tuesday.

GasLog Partners LP priced $100 million of 8.2% series B cumulative redeemable perpetual fixed-to-floating rate preference units on Tuesday.

The units were freed to trade early Wednesday over the counter under the temporary symbol “GSLPF.”

On Monday, Annaly Capital Management, Inc. sold $425 million of 6.5% series G fixed-to-floating rate perpetual cumulative redeemable preferred stock. The preferreds convert March 31, 2023 to a floating rate of Libor plus 417.2 basis points.

Annaly’s preferred shares, which freed to trade over the counter under the temporary symbol “ACMGP,” dropped 5 cents over the morning to $24.70.

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