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Morning Commentary: Kimco’s new deal frees to trade; Annaly remains active; Fannie gives back
By Stephanie N. Rotondo
Seattle, Aug. 8 – Preferred stock investors continued to focus on new and recent deals in early Tuesday trading.
For instance, Kimco Realty Corp.’s $225 million of 5.125% class L cumulative redeemable preferreds – a deal priced Monday – were seen at $24.67 at mid-morning.
The issue freed to trade early in the day, trading under the temporary ticker “KIMRP.”
The new preferreds came tight to the 5.125% to 5.25% price talk. The size of the deal was increased from $150 million.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC ran the books.
Annaly Capital Management Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds (NYSE: NLYPrF) – a deal from July 25 – meantime remained actively traded. But the preferreds were losing a little bit of the ground earned on Monday, slipping 2 cents to $25.01 in early dealings.
Monday’s move above par marked the first time the issue had reached that threshold.
Looking ahead, KCAP Financial Inc. added a deal to the calendar early in the session, a $50 million offering of $25-par notes due 2022.
Keefe Bruyette & Woods Inc., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc. are running the deal.
The company plans to use the proceeds for general corporate purposes.
Away from new and recent deals, Fannie Mae’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) were off 8 cents, or 1.14%, at $6.94 at mid-morning.
On Monday, the agency’s stress test results were released, showing that the company – as well as its sector peer Freddie Mac – had failed. Despite the failure, Fannie’s preferreds traded up in the previous session.
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