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Dynex Capital prices upsized deal at revised talk; DDR, NorthStar list; bank earnings eyed
By Stephanie N. Rotondo
Phoenix, April 11 - Dynex Capital Inc. tapped the preferred stock market on Thursday, bringing a small offering of series B cumulative redeemable preferreds.
Price talk was around 7.75%, according to a trader, but was then revised to 7.625%.
The trader saw the paper trade at $24.65 in the midday gray market.
At the close, the issue priced, coming upsized at $50 million. The deal priced at par to yield 7.625%.
In new listings, DDR Corp.'s $150 million of 6.25% class K cumulative redeemable preferreds - a deal that priced March 25 - listed on the New York Stock Exchange under the ticker symbol "DDRPK."
The issue was trading at $24.88, down 2 cents at the close.
Also, NorthStar Realty Finance Corp.'s $200 million of 8.5% series D cumulative redeemable preferreds were admitted for trading. The symbol is "NRFPD."
The amount included $25 million from a greenshoe that was partially exercised on Tuesday. A market source said the issue was among the day's most actively traded.
The preferreds were trading flat at the end of the day at $25.05.
Bank earnings are slated to begin on Friday, with JPMorgan Chase & Co. and Wells Fargo & Co. preparing to report.
"We'll probably see some new deals after that," a trader said.
JPMorgan busy pre-earnings
JPMorgan Chase is scheduled to bring first-quarter earnings on Friday, and its preferreds were trading actively ahead of the release.
The 5.45% series P noncumulative perpetual preferreds (NYSE: JPMPA) were the most active issue, trading up a penny to $25.27. The 5.5% series D noncumulative perpetual preferreds (NYSE: JPMPD) meantime fell 3 cents to $25.64.
A couple of the issues the New York-based bank recently called were also moderately active. The 6.875% series X capital securities (NYSE: JPMPW) were off a penny at $25.44, while the 7% series J capital securities (NYSE: JPMPJ) were unchanged at $25.38.
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