| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers F > Headlines for Fannie Mae > News item |
Morning Commentary: Preferred stocks up ahead of Fed release; Colony Capital on tap; GasLog lists
By Stephanie N. Rotondo
Phoenix, April 8 – Preferred stocks were moving up Wednesday as investors prepared to hear the minutes from the Federal Reserve’s March meeting.
The Wells Fargo Hybrid and Preferred Securities index was up 6 basis points at mid-morning.
Investors will once again be looking for clues from the central bank as to how the economy is really doing and also how that will impact when the Fed plans to raise interest rates.
Investors are also expecting a deal from Colony Capital Inc. to price later in the session. The Los Angeles-based real estate investment trust said late Tuesday that it was selling series C cumulative redeemable perpetual preferreds.
BofA Merrill Lynch, Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets and UBS Securities LLC are running the deal.
Price talk is 7.25%, according to a trader.
“It’s a small deal, there’s not a big selling group,” he said, seeing a $24.85 bid, $24.90 offered gray market quote early in the session.
Among recent deals, GasLog Ltd.’s $100 million of 8.75% series A cumulative redeemable perpetual preference shares began trading on the New York Stock Exchange under the ticker symbol “GLOGPA.”
The shares were trading at $25.40 at mid-morning.
The deal priced March 30.
Away from newer deals, Fannie Mae and Freddie Mac paper was getting a boost after the New York Times reported that Iowa senator Charles Grassley had written letters to the Justice Department and the Treasury, asking why the government chose to consign the bulk of the agencies’ profits – and why information on that decision has yet to see the light of day.
In response, Fannie and Freddie paper “all popped about 20 cents,” according to a trader.
Fannie’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) were up 27 cents, or 6.41%, at $4.48 in early trading.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.