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Midday Commentary: New preferreds expected this week; Digital Realty ticks down slightly
By Christine Van Dusen
Atlanta, March 24 - The preferred stock market was somewhat "sleepy" on Monday morning with some activity for Fannie Mae, Freddie Mac and the recent issue from Digital Realty Trust Inc. as investors prepared for new issues this week.
"It's a sleepy day, with not much volume. Bonds are flat and stocks are flat," a trader said. "I do think there are going to be a couple of deals this week, though."
The recent $300 million issue of 7.375% series H cumulative redeemable preferreds from Digital Realty traded Monday morning at $24.75 bid, $24.82 offered, a trader said.
Last week the stock was quoted in the $24.80 to $24.83 context before moving to $24.62 bid, $24.72 offered.
BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the joint bookrunners.
The San Francisco-based company intends to contribute proceeds to its operating partnership, which will use the funds to repay borrowings under a global revolving credit facility, to acquire additional properties, for development opportunities and/or for general corporate purposes, including the potential repurchase or redemption of outstanding debt or preferred securities.
In other trading on Monday, Deutsche Bank Contingent Capital Trust V's 8.05% trust preferred securities were spotted at $27.77, down 2 cents on 12,594 shares traded.
Barclays Bank plc's 7¾% non-cumulative callable dollar preference shares, series 4, ADR traded at $25.80, up 4 cents on volume totaling 10,961.
And Citigroup Capital XI's 6% TruPS capital securities were quoted Monday at $25.09, up a penny on just 8,228 shares traded.
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