Midday Commentary: Breaks, holidays keep players away from market; Hanover Insurance hits NYSE

By Stephanie N. Rotondo

Phoenix, April 1 - The preferred stock market was starting the new month off subdued, according to a trader.

"It's very quiet," he said. "People are still on breaks and most of the world is closed today for the day after Easter."

The trader noted that no new deals were announced on Monday and further remarked that he had not "heard of any new deals coming this week."

In recently priced issues, DDR Corp.'s $150 million of 6.25% class K cumulative redeemable preferreds were seen at $24.80 bid, $24.85 offered.

The preferreds came March 25.

From Tuesday, Main Street Capital Corp.'s $80 million of 6.125% $24-par notes due 2023 were trading "right at par," a trader said.

And, from Wednesday business, Fifth Street Finance Corp.'s $75 million of 6.125% $25-par notes due 2028 were pegged at $24.60.

Meanwhile, the Hanover Insurance Group Inc.'s $175 million of 6.25% $25-par subordinated debentures due 2053 listed on the New York Stock Exchange on Monday.

The ticker symbol is "THGA." The notes were trading at $25.15 at midday, down from opening levels of $25.20.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.