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Preferreds rebound; Aimco plans at-the-market offering; Public Storage prices reopening
By Stephanie N. Rotondo
Phoenix, April 9 - Preferred stocks were gaining momentum as the midweek session got underway.
The Wells Fargo Hybrid and Preferred Securities index was up 15 basis points as of midday.
"Everything has popped a little," a trader said.
The index ended the day up 20 bps. The preferred market's performance was in keeping with that of the straight equities, which gained more than 1% on the day on the back of the release of minutes from the latest Federal Reserve meeting.
Of the day's dealings, Apartment Investment & Management Co. announced plans for an at-the-market offering of its 7% class Z cumulative preferreds (NYSE: AIVPZ). The company said it would sell up to $88.14 million of the preferreds via the MLV & Co. LLC-led sale.
The preferreds were holding around $25.52.
RAIT Financial Trust's $60 million of 7.625% $25-par senior notes due 2024 meantime had yet to free as of early Wednesday, a trader said, seeing the paper around $24.75.
The deal came on Monday and was expected to free up sometime Wednesday.
Also, Public Storage came out of nowhere with a $50 million add-on to its 6.375% series Y cumulative preferred stock (NYSE: PSAPY).
The company originally sold $235 million of the preferreds in early March. In the reopening, the preferreds priced at par.
BofA Merrill Lynch, Jefferies LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC led the deal.
The preferreds ended the session up 2 cents at par.
There was still talk of a small, non-rated deal in the pipeline, but a trader said he wasn't sure if it would come Wednesday or if it would be put off until Thursday.
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