Midday Commentary: New issues keep coming despite slow week; Fifth Street to price $25-par notes

By Stephanie N. Rotondo

Phoenix, March 27 - Though many desks remained empty on Wednesday, more new issues were entering the preferred stock marketplace.

Fifth Street Finance Corp. said it would offer a minimum of $50 million $25-par senior notes due 2028.

Price talk is 6.125% to 6.25%, a trader said.

The trader noted that he had not seen many markets in the gray but did peg the issue at $24.80.

Meanwhile, DDR Corp.'s recently priced $150 million issue of 6.25% class K cumulative redeemable preferreds was moving up in the midweek session.

A trader quoted the paper at $24.78 bid, $24.82 offered.

The deal priced Monday. Proceeds will be used to call the company's 7.375% class H cumulative redeemable preferreds.

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