Midday Commentary: National Retail's 5.7% cumulatives free to trade; Entergy Louisiana lists

By Stephanie N. Rotondo

Phoenix, May 23 - A preferred stock trader said the market was quieting down on Thursday, as people prepared for an upcoming three-day weekend.

There were no new issues announced as of midday, and the trader speculated that a proposed deal from Allstate Corp. "probably won't happen until after the holidays."

National Retail Properties Inc.'s $250 million of 5.7% series E cumulative preferreds freed to trade early in the day, according to a trader.

The deal priced on Wednesday.

The trader quoted the paper at $24.78 bid, $24.83 offered.

Meanwhile, Entergy Louisiana LLC's $100 million of 4.7% $25-par first mortgage bonds due 2063 listed on the New York Stock Exchange under the ticker symbol "ELU."

The notes priced May 15. They were trading at $24.70 at midday, versus opening levels of $24.90.

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