Morning Commentary: First Republic, DDR receive temporary tickers; Public Storage paper firms

By Stephanie N. Rotondo

Seattle, June 2 – Preferred stocks were edging higher early Friday, even as liquidity continued to be constrained.

The Wells Fargo Hybrid and Preferred Securities index was up 3 basis points at mid-morning. The U.S. iShares Preferred Stock ETF was up 20 bps.

Among recently priced deals, First Republic Bank’s $200 million of 5.125% series H noncumulative preferreds – a deal that priced on Wednesday – were trading under a temporary ticker, “FTPPP.”

The preferreds were at $24.99 in early dealings, which was off a nickel from the previous day but down only a penny from the open.

The issue was topping the charts early in the day, with more than 117,000 shares being exchanged.

Also from Wednesday’s session, CIT Group Inc.’s $325 million of 5.8% $1,000-par series A fixed-to-floating rate noncumulative preferreds were holding in a 102 to 102.5 context, according to a trader.

DDR Corp.’s $175 million of 6.375% class A cumulative redeemable preferred shares were meantime seen at par, a loss of 4 cents from Thursday’s close and off 7 cents from the open.

DDR, which priced on Tuesday, also received a temporary trading symbol, “DDRP.”

And, Public Storage’s $250 million of 5.15% series F cumulative preferreds were trading at $24.84, up 14 cents.

That issue came May 23. Like First Republic and DDR, it has a temporary ticker, “PBSPP.”

© 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.