Midday Commentary: Dynex announces offering, revises talk; NorthStar, DDR admitted to NYSE

By Stephanie N. Rotondo

Phoenix, April 11 - Dynex Capital Inc. was tapping the preferred stock market on Thursday, bringing a small offering of series B cumulative redeemable preferreds.

Price talk was initially around 7.75%, according to a trader, but was then revised to 7.625%.

The trader saw the paper trade at $24.65 in the midday gray market.

In new listings, DDR Corp.'s $150 million of 6.25% class K cumulative redeemable preferreds - a deal that priced March 25 - listed on the New York Stock Exchange under the ticker symbol "DDRPK."

The issue was trading at $24.81, down 9 cents at midday.

Also, NorthStar Realty Finance Corp.'s $200 million of 8.5% series D cumulative redeemable preferreds were admitted for trading. The symbol is "NRFPD."

The amount of the NorthStar deal includes $25 million from a greenshoe that was partially exercised on Tuesday.

The preferreds were trading at $25.13 at midday, versus opening levels of $24.96.

Bank earnings are slated to begin on Friday, with JPMorgan Chase & Co. and Wells Fargo & Co. preparing to report.

"We'll probably see some new deals after that," a trader said.

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