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Midday Commentary: Aimco to issue preferreds; American Homes 4 Rent trades flat
By Christine Van Dusen
Atlanta, May 9 - Apartment Investment and Management Co. (Aimco) is looking to issue preferred stock via Wells Fargo, a trader said.
The trader expects the deal to carry a coupon in the 7¼% to 7½% area.
"It's a small company," he said. "They have two issues out already, including the Z series, which has a 7% coupon. The price was $24.25, brought at a discount. We may see some selling pressure on that."
Otherwise, all was quiet on the new-deal front on Friday morning, he said.
In trading of preferreds, American Homes 4 Rent's recent issue of 5.5% series C preferred shares was spotted in the morning at $24.80, slightly lower than most of Thursday but flat to that day's close, a trader said.
The notes - via bookrunners Morgan Stanley, Raymond James & Associates and Jefferies - opened at $24.82.
Safe Bulkers Inc.'s 8% series C cumulative redeemable preferreds - a deal that came April 30 - listed on Friday and traded at $25.14 on about 76,055 shares traded.
On Wednesday, the issue from the Athens, Greece-based drybulk shipping company traded at $25.05 bid, $25.15 offered not long before the market closed for the day.
In other trading of preferred stock on Friday morning, Citigroup Inc.'s 8 1/8% series AA non-cumulative preferreds were spotted at $28.75, down 20 cents on volume totaling 180,000.
Deutsche Bank Contingent Capital Trust III's 7.6% trust preferred securities were quoted at $27.55, flat on 32,684 shares traded.
CommonWealth REIT's 6½% series D cumulative convertible preferred shares were seen Friday morning at $25.85, down 10 cents on 18,645 shares traded.
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