Midday Commentary: Preferred market drifts lower; RAIT not yet freed; Seaspan lists on NYSE

By Stephanie N. Rotondo

Phoenix, April 8 - Preferred stocks were ticking down again in Tuesday trading.

The Wells Fargo Hybrid and Preferred Securities index was off 4 basis points as of mid-morning.

A trader said he was seeing RAIT Financial Trust's newly priced 7.625% $25-par senior notes due 2024 at $24.75 early in the day.

The $60 million issue priced on Monday. It had not yet freed to trade as of Tuesday morning.

Among other recent deals, Seaspan Corp.'s $300 million of 6.375% $25-par notes due 2019 were admitted for trading on the New York Stock Exchange.

The deal priced March 27. The ticker symbol is "SSWN."

The notes were trading at $25.06 at mid-morning, which compared to opening levels around par.

Sterne Agee & Leach Inc. led the deal.

A trader said he was hearing another small financial deal could be coming as soon as Tuesday, though he was not sure which company specifically would be doing the issuing. He also remarked that the market was not expecting any big deals until after Easter, especially as banks are going into a blackout period ahead of earnings releases.

© 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.