Midday Commentary: LaSalle Hotel Properties adds deal to primary calendar; Pitney expected to free

By Stephanie N. Rotondo

Phoenix, Feb. 27 - The primary preferred stock market continued to see new issues coming to market on Wednesday.

LaSalle Hotel Properties said it had launched an offering of series I cumulative redeemable preferreds, the proceeds of which are expected to go toward the redemption of the 7.25% series G cumulative redeemable preferreds (NYSE: LHOPG).

Price talk on the new issue was around 6.5%, a trader reported.

"It seems to be going fine," he said. "It's a small-ish deal."

The trader saw a less 30-cent bid for paper in the midday gray market.

Meanwhile, Pitney Bowes Inc.'s new $375 million issue of 6.7% $25-par notes due 2043 was expected to free up sometime during Wednesday's session.

The deal came on Tuesday.

A trader pegged the notes at less 25 cents bid.

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