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Morning Commentary: Recently priced preferred deals eyed, though liquidity continues to dwindle
By Stephanie N. Rotondo
Seattle, Aug. 25 – Preferred stock investors were turning toward recently priced deals in early Thursday trading, though trading overall remained muted, a trader said.
Qwest Corp.’s 6.5% $25-par senior notes due 2056 (NYSE: CTBB) were on the busier side, ticking up a penny in early trades to $25.61.
The $850 million issue priced Aug. 11. A $127.5 million greenshoe was fully exercised on Monday, bringing the total amount outstanding to $977.5 million.
Meanwhile, Legg Mason Global Asset Management’s $500 million of 5.45% $25-par junior subordinated notes due 2056 (NYSE: LMHB) were slipping a penny to $24.99.
That deal came Aug. 3.
In the most recent Entergy deals, Entergy Louisiana LLC’s $270 million of 4.875% $25-par collateral trust mortgage bonds due 2066 (NYSE: ELC) were pushing up, rising 3 cents to $24.85 in mid-morning trading.
The issue priced Aug. 10.
Entergy Arkansas Inc.’s $410 million of 4.875% $25-par first mortgage bonds due 2066 (NYSE: EAI) were meantime up a penny at $24.89.
The bonds hit the market on Aug. 9.
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