Key Adjustments from last week:
- Adjusted CQP for an 8.0 million unit offering priced at $25.07 on September 19.
- Added Susser Petroleum Partners, L.P. (“SUSP”) to the Downstream & Marketing segment after its very successful IPO at $20.50 on September 19.
- Now including the full ranking of all of the MLPs under the 3YR FYAT / VCR metric in the Weekly Snapshot (Subscriber Version).
I am impressed with the market reception of SUSP as I would have preferred to buy units closer to $17. I posted an article to Seeking Alpha about the IPO on the morning of pricing: MLP IPO Review: Susser Petroleum Partners, L.P. The strong reception of SUSP augurs well for the current MLP IPO backlog so expect MLP IPOs to be continually coming to market this fall until the market hits a near term saturation point.
Summit Midstream Partners, L.P. is currently out on the road and looking to price $250 million of units for its IPO with an initial estimated yield of 8%. They are planning on pricing the deal this Thursday. I will endeavor to get a review up on Seeking Alpha some time on Thursday.
MLP Protocol Weekly Snapshot report: MLPP 092112 Snapshot vFree
Article explaining the theories/logic behind the Valuation Coverage Ratio and the 3 Year Forward Yield / Valuation Coverage Ratio tools.
MLP Protocol Monthly Analytics preview (current full Monthly report is longer due to the addition of the Downstream & Marketing segment)
MLP Protocol Asset Book preview (the Asset Book is updated annually)