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Preferreds end softer; BreitBurn's cumulative units list on Nasdaq; Five Oaks paper dips
By Stephanie N. Rotondo
Phoenix, May 22 - A preferred stock trader said the market was quieting down as people prepared for the three-day Memorial Day holiday.
"Tomorrow is going to be even worse," he said.
Still, the market was generally firm, after losing some ground in the previous session.
The Wells Fargo Hybrid and Preferred Securities index was up 7 basis points at mid-morning. But like the previous session, the index came off to close down 9 bps.
BreitBurn Energy Partners LP's $175 million of 8.25% series A cumulative redeemable perpetual preferred units - a deal that priced May 14 - began trading on the Nasdaq on Thursday.
The ticker symbol is "BBEPP."
Paper was trading at $25.14 at mid-morning, up from opening levels of $25.05.
The units finished the session at $25.10 but traded as high at $25.17.
On Monday, the Los Angeles-based oil and gas partnership said its $25 million over-allotment option had been fully exercised.
Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC and MLV & Co. LLC were the joint bookrunners.
Five Oaks falls
Five Oaks Investment Corp. priced a $15 million add-on to its 8.75% series A cumulative redeemable preferreds (NYSE: OAKSPA) late Wednesday.
Come Thursday, the issue was trading down 7 cents to $25.12.
The company originally issued $20 million of the preferreds on Dec. 18. An over-allotment option was exercised in January.
In the new offering, Keefe Bruyette & Woods Inc. acted as the bookrunner. BTIG LLC, Ladenburg Thalmann & Co. Inc. and Mitsubishi UFJ Securities (USA) Inc. are the co-managers.
Proceeds will be used to buy legacy non-agency residential mortgage-backed securities, non-agency mortgage assets, multi-family MBS and, to a lesser extent, agency RMBS.
Five Oaks is a New York-based real estate investment trust focused on investing, financing and managing a portfolio of RMBS and MBS.
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