| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for DuPont Fabros Technology Inc. > News item |
Preferred stock market finishes strong; recent deals holding steady; coming calendar eyed
By Stephanie N. Rotondo
Seattle, May 13 – Preferred stocks were aiming for a positive close for the week, as the Wells Fargo Hybrid and Preferred Securities index put on 6 basis points.
Despite the upward move, a trader noted that activity was muted. Even newer issuers “aren’t really moving,” he said.
Public Storage’s $200 million of 5.125% series C cumulative preferreds – a deal from Tuesday trading under the temporary ticker “PBBSP” – were offered at $24.97, according to the trader. Paper traded up 2 cents to par by the bell.
DuPont Fabros Technology Inc.’s $175 million of 6.625% series C cumulative redeemable preferreds – another deal from Tuesday – were seen at $25.02 bid, $25.05 offered at midday.
Those securities have been holding in that range for most of the week.
And, Sunstone Hotel Investors Inc.’s $75 million offering of 6.45% series F cumulative redeemable preferred stock – yet another issue from Tuesday’s business – rose 11 cents to $25.51.
Meanwhile, IberiaBank Corp.’s 6.6% series C fixed-to-floating rate noncumulative perpetual preferreds – a deal priced May 3 – were meantime pegged at $25.52 bid, $25.62 offered.
At the close, the issue was seen drifting 3 cents to $25.51.
The company sold $50 million of the preferreds in the original issuance. On May 9, the bank said its $7.5 million greenshoe had been exercised in full, lifting total issuance to $57.5 million.
The preferreds are trading under the temporary symbol “IBRRP.”
Looking ahead, chatter was that the new issue pipeline was going to continue to flow. But a trader said that might not be the case.
“Some people have mentioned that they are putting deals on hold,” he said. “But I don’t know why.”
© 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.