Farmland lists on NYSE: Ashford gives up gains; AGNC preferreds hit par, then fall back

By Stephanie N. Rotondo

Seattle, Aug. 18 – Liquidity became subdued in Friday trading, though new and recent issues continued to take up a majority of the day’s activity.

Farmland Partners Inc.’s $150.94 million of 6% series B participating preferred stock listed on the New York Stock Exchange on Friday.

The ticker symbol is “FPIPrB.”

Paper finished at $25.85, up 45 cents, or 1.77%.

The company initially sold $131.25 million of the preferreds on Aug. 10. On Aug. 17, the company said its $19,687,000 over-allotment option had been exercised in full.

Raymond James & Associates Inc. and Jefferies LLC were the bookrunners.

From this week’s business, Ashford Hospitality Trust Inc.’s $85 million of 7.5% series H cumulative preferreds were giving back some of the gains from the previous session, sliding 18 cents to $24.62.

The issue freed to trade around midday on Thursday, getting a temporary ticker symbol of “AHHSP.”

The company brought the issue on Wednesday. Initial price talk was in a range of 7.5% to 7.625%.

The deal came upsized from $50 million.

UBS Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners.

Also from Wednesday, Cedar Realty Trust Inc.’s $75 million of 6.5% series C cumulative redeemable preferred stock held steady at $24.80.

Arch Capital Group Ltd.’s $200 million of 5.45% series F noncumulative preferreds – a deal from Monday – were also deemed unchanged at $24.90.

That issue’s temporary symbol is “AHCCF.” Cedar’s symbol is “CDRYP.”

Of the week’s deals, the Cedar and Arch issues were the least actively traded.

Priced Tuesday, AGNC Investment Corp.’s $300 million of 7% series C fixed-to-floating rate cumulative redeemable preferred stock remained firm, rising 3 cents to end at $24.98.

The preferreds had hit par earlier in the session.

The issue has a temporary symbol, “AGNNP.”

Among secondary issues, Fannie Mae’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) added a dime, or 1.52%, to close at $6.70.

However, sector peer Freddie Mac saw its 8.375% fixed-to-floating rate noncumulative preferreds (OTCBB: FMCKJ) dipping 6 cents to $6.39.

There was no fresh news out on the GSEs.

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