Midday Commentary: Entergy Arkansas, New York Mortgage Trust to tap market; National Bank rises

By Stephanie N. Rotondo

Phoenix, May 28 - The abbreviated week started off with two new deals hitting the preferred stock market on Tuesday.

Entergy Arkansas Inc. said it was looking to price at least $125 million of $25-par first mortgage bonds due 2063.

Price talk is 4.75% to 4.875%.

A trader said he saw a $24.65 bid for the notes in the midday gray market.

Meanwhile, New York Mortgage Trust Inc. announced an offering of series B cumulative redeemable preferreds. A source said the company was planning to sell at least $50 million of the preferreds, with price talk around 7.875%.

That deal will be non-rated.

In the secondary market, National Bank of Greece SA's $2.25 series A noncumulative preference shares (NYSE: NBGPA) were trading actively and higher following the Greek bank's earnings release on Friday.

The preferreds were up 50 cents, or 4.77%, at midday at $10.99.

The bank reported a narrow profit for the first quarter, just ahead of a capital raise that is expected to shore up the company's balance sheet.

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