Teekay Offshore’s recent deal lists on NYSE; Citi’s new $1,000-pars steady, Goldman’s firm

By Stephanie N. Rotondo

Phoenix, April 21 – Preferred stocks remained firm Tuesday as investors kept one eye on the situation in Greece.

The nation’s stocks dropped Tuesday after it was reported that the European Central Bank was putting together contingency plans for both an “orderly” and “disorderly” default by the country. That came on the heels of news that the Greek government was ordering its states to send any cash reserves to its central bank.

The Wells Fargo Hybrid and Preferred Securities index ended the session up 14 basis points. However, one market source noted that the index was up even more, “maybe 20 bps or so,” earlier in the day.

“Things faded in the afternoon,” he said.

Teekay Offshore Partners LP’s $125 million of 8.5% series B cumulative redeemable preferred units began trading on the New York Stock Exchange on Tuesday.

The deal came April 13. The ticker symbol is “TOOPB.”

Paper closed at $24.88, up from opening levels of $24.72.

Among other recent deals, Citigroup Inc.’s $2 billion of 5.95% series P fixed-to-floating rate noncumulative preferreds were seen at 100.25 bid, 100.5 offered in early trading.

That market was echoed after the close, with the volume weighted average price pegged at 100.49.

Also in the $1,000-par space, the Goldman Sachs Group Inc.’s $2 billion of 5.375% series M fixed-to-floating rate noncumulative preferreds were initially quoted at 100.5 bid, 100.75 offered but rose to trade above 101, according to a source.

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