| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers F > Headlines for Freddie Mac > News item |
Morning Commentary: Fannie, Freddie preferreds trade higher; recent Capitala, GasLog deals improve
By Colin Hanner
Chicago, May 15 – The Monday lull was felt in the preferred stock space at mid-morning, with “not much” going on, a market source said.
The Wells Fargo Hybrid and Preferred Securities index was up 13 basis points at mid-morning. The U.S. iShares Preferred Stock ETF was up 7 bps.
With recent issues Capitala Finance Corp. and GasLog Partners LP hitting the market last week, a market source said he expects the momentum to carry over.
“There’s no news on a new deal yet, but I wouldn’t be surprised to see a couple of new deals this week,” a market source said, adding that there were whispers of HSBC offering a contingent convertible deal.
Secondary movers
Leading secondary movers were government-sponsored enterprises Fannie Mae and Freddie Mac, which, after a surge last week after an announced “revamp” of government-sponsored enterprises, according to the Wall Street Journal, were leading the preferred space in liquidity on the morning.
Fannie’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) were up 1 cent, or 0.14%, to $7.21.
Freddie’s 8.375% fixed-to-floating rate noncumulative preferreds (OTCBB: FMCKJ) were up 8 cents, or 1.16%, to $7.00.
Recent deals trade higher
Capitala Finance’s $70 million of 6% $25-par notes due 2022 were quoted at 24.95 bid, 25 offered, a market source said.
GasLog Partners’ 8.625% series A fixed-to-floating rate cumulative redeemable preference units, under the temporary ticker “GSLGF,” were trading in a $25.15 to $25.20 area, a market source said.
The market source said the issue is expected to list on Wednesday.
© 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.