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Midday Commentary: Primary calendar heavy; BB&T frees to trade; Black & Decker to list
By Stephanie N. Rotondo
Phoenix, July 25 - The primary preferred stock market remained firm Wednesday, even as the secondary continued to sell off, a trader said.
He attributed the secondary's softness to profit-taking.
Furthermore, the new issue calendar was again churning out deals left and right.
"I think we'll just continue to see new issuance after new issuance," a trader remarked.
Dynex Capital Inc. announced a sale of $35 million series A cumulative redeemable perpetual preferred stock.
Price talk is around 8.5%, according to a trader. Though the deal was on the small side, he saw paper trading at $24.60 in the gray market.
J.P. Morgan Securities LLC, Barclays Capital Inc. and Jefferies & Co. are the joint bookrunning managers.
In more sizable deals, BB&T Corp.'s $1 billion of 5.625% series E noncumulative perpetual preferred stock freed from the syndicate, according to a trader.
The deal priced late Tuesday.
A trader saw the preferreds trade at $24.95 at midday.
Meanwhile, General Electric Capital Corp.'s $1.75 billion issue of 6.5% series B fixed-to-floating rate noncumulative perpetual preferreds - another deal that priced Tuesday - was quoted at 101.5 bid, 101.625 offered.
"So that did well," the trader said. The deal had freed up just after pricing Tuesday and was already trading above par. As previously reported, a market source said a combination of credit quality and how the $100-par market worked was the reason for the fair performance.
Among other recent new issues, Stanley Black & Decker Inc.'s 5.75% $25-par junior subordinated notes due 2052 "should list [Thursday]," a trader said.
The ticker symbol is "SWJ." The notes were pegged at $25.60 in midafternoon trading.
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