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Morning Commentary: Week’s new issues perk up; Entergy Mississippi lists; Deutsche Bank declines
By Stephanie N. Rotondo
Seattle, Sept. 16 – The week’s new preferred stock issues were trading well early Friday.
Dairy Farmers of America Inc.’s $150 million of 7.125% series C cumulative preferreds – a deal from Thursday – were seen at 102 bid, 102.75 offered at mid-morning.
The issue came upsized from $100 million and tight to the 7.5% price talk.
Aspen Insurance Holdings Ltd.’s $225 million of 5.625% noncumulative perpetual preference shares were meantime seen at par bid.
That issue came on Tuesday.
From Monday’s business, Southern Co.’s $800 million of 5.25% $25-par junior subordinated notes due 2076 were pegged at $25.05 bid, $25.07 offered.
A trader said the notes could list on the New York Stock Exchange as soon as Tuesday.
And speaking of new listings, Entergy Mississippi Inc.’s $260 million of 4.9% $25-par first mortgage bonds due 2066 listed on the NYSE on Friday, as expected.
The ticker symbol is “EMP.” The deal priced Sept. 8.
The paper was trading at $24.89 at mid-morning, versus $24.94 at the open.
Away from new issues, Deutsche Bank AG securities were taking a hit as it was reported that the U.S. Justice Department is proposing a $14 billion fine – and the German bank said it was not interested in the settlement.
The settlement was proposed by the government agency in relation to Deutsche’s involvement with mortgage-backed related securities. Deutsche is saying that it will negotiate with the government in order to get the settlement amount down to levels similar to those other banks have been slapped with.
Deutsche’s 7.6% trust preferreds (NYSE: DTK) were down 74 cents, or 2.84%, at $25.36 in early trading. The 6.55% TruPS (NYSE: DXB) were off 74 cents, or 2.95%, at $24.50.
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