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Morning Commentary: Public Storage coming to market; Dominion notes free to trade; Stifel rising
By Stephanie N. Rotondo
Seattle, July 13 – The preferred stock market’s primary space saw yet another new deal added to the calendar on Wednesday.
Public Storage announced plans to sell series D cumulative preferred stock, with price talk at 4.95% to 5%, according to a market source.
A trader said the preferreds were bid for at $24.70 in the early gray market.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are running the books.
From Tuesday’s business, a trader said Dominion Resources Inc.’s $800 million of 2016 series A $25-par junior enhanced subordinated notes due 2076 had freed to trade, seeing the paper at $25.10 at mid-morning.
The deal came upsized from $250 million. Price talk was 5.375% to 5.5%. The deal came via BofA Merrill Lynch, Morgan Stanley, UBS Securities and Wells Fargo Securities.
Also from Tuesday, Bluerock Residential Growth REIT Inc.’s $50 million of 7.625% series C cumulative redeemable preferreds were also free to trade, trading in a par to $25.05 context.
Janney Montgomery Scott LLC, D.A. Davidson & Co. and FBR Capital Markets led that deal.
And, from Monday, Stifel Financial Corp.’s $150 million of 6.25% series A noncumulative perpetual preferreds continued to trade higher, hitting $25.80 in early trading.
“That thing just rocketed up,” a trader said. He was a little surprised that the deal had gained so much traction, however.
“I’m assuming the manager got too short,” he said. “These little brokerage houses, they have the ability to blow themselves up pretty quickly.
“At these yields and at this premium,” the trader said he would rather put his money into regional or big-box banks.
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