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National Retail's 5.7% cumulatives free up; Entergy Louisiana lists; Fannie, Freddie gain
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 at midday.
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.
The issue closed at $24.68.
Housing report provides lift
Fannie Mae and Freddie Mac preferreds were flying Thursday on the back of a positive housing report from the Commerce Department.
Freddie's 8.375% fixed-to-floating rate noncumulative perpetual preferreds (OTCBB: FMCKJ) rose 74 cents, or 14.51%, to $5.84. Fannie's 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) improved by 52 cents, or 10.28%, ending at $5.58.
And, Fannie's 8.25% series T noncumulative preferreds (OTCBB: FNMAT) increased by 70 cents, or 11.29%, to $6.90.
In the report released Thursday, the Commerce Department said new single-family home sales rose 2.3% during April, bringing the total annual pace of sales to 454,000 units. The median sales price jumped 14.9% to $271,000.
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