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Morning Commentary: Preferred market in rebound mode; Gladstone frees to trade; Costamare slips
By Stephanie N. Rotondo
Phoenix, May 8 – The preferred stock market was looking to end the week with a stronger tone following a jobs number that was “not disappointing,” a trader said early Friday.
The Wells Fargo Hybrid and Preferred Securities index was up 61 basis points at mid-morning.
New data showed nonfarm payrolls increasing by 223,000 in April. Though that was less than the 224,000 additions Reuters had estimated, the market appeared pleased with the figure.
Additionally, unemployment fell to 5.4% from 5.5% previously, pushing that market indicator closer to a level the Federal Reserve considers full employment.
On the heels of the positive jobs data, “we’re seeing a run back into high yield,” a trader said. With the long bond also pushing higher, “everything is going to be popping up here the rest of the day.”
Among new issues, a trader said Gladstone Investment Corp.’s $35 million of 6.5% series C cumulative term preferreds due 2022 had freed from the syndicate.
He quoted the issue at $24.75 bid, par offered.
The issue priced Wednesday, coming upsized from $25 million.
Janney Montgomery Scott LLC was the bookrunner. Co-lead managers included J.J.B. Hilliard, W.L. Lyons, LLC, Wunderlich Securities, William Blair & Co. and Ladenburg Thalmann.
Meanwhile, Costamare Inc.’s $100 million issue of 8.75% series D cumulative redeemable preferreds – another deal from Wednesday – was seen at $24.65 bid, $24.72 offered.
Another source placed the issue at $24.65, down 10 cents from the previous close.
Morgan Stanley & Co. LLC, UBS Securities LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Stifel Nicolaus & Co. Inc. facilitated that deal.
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