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Morning Commentary: Activity in GSEs picks up as Senate looks toward reform; Capitala not yet freed
By Stephanie N. Rotondo
Seattle, May 11 – GSE-linked preferred stocks were back on center stage early Thursday, following a Wall Street Journal report that the Senate Banking Committee was kicking off a revamp effort.
The news appeared to excite investors, and Fannie Mae and Freddie Mac preferreds were not only active in early dealings but better too.
Fannie’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) were up 64 cents, or 9.8%, at $7.17. Freddie’s 8.375% fixed-to-floating rate noncumulative preferreds (OTCBB: FMCKJ) were up 52 cents, or 8.28%, at $6.80.
Meanwhile, Capitala Finance Corp.’s $70 million of 6% $25-par notes due 2022 were not yet free to trade as of mid-morning.
One trader quoted the issue at $24.90 bid, par offered. Another saw the notes in a $24.88 to $24.97 context.
The deal came late Wednesday, upsized from $50 million and in line with price talk.
Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, Janney Montgomery Scott LLC, William Blair & Co. LLC and Wunderlich Securities Inc. ran the books.
GasLog Partners LP’s 8.625% series A fixed-to-floating rate cumulative redeemable preference units – a deal from Monday – were meantime seen holding around par.
The $125 million deal was increased from $50 million. It freed to trade early Tuesday and is trading under a temporary ticker, “GSLGF.”
Morgan Stanley & Co. LLC, UBS Securities LLC, Stifel Nicolaus & Co. Inc. and Citigroup Global Markets Inc. were the joint bookrunners.
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