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Morning Commentary: Preferred stock activity remains light, but market stays firm; Urstadt prices
By Stephanie N. Rotondo
Phoenix, Oct. 22 – The early midweek session saw more strength coming into the preferred stock market.
However, a trader noted that activity in the space remained “pretty quiet across the board.”
The Wells Fargo Hybrid and Preferred Securities index was up 4 basis points at mid-morning.
Urstadt Biddle Properties Inc. announced that it had priced its proposed offering of series G cumulative redeemable perpetual preferred stock.
The company launched the deal on Tuesday, with price talk in a 6.625% to 6.875% range. The deal came at par to yield 6.75%.
The deal was also modestly upsized to $70 million from $61.25 million.
A trader said the new issue was “doing well” post-pricing, seeing a $24.98 bid for paper.
BMO Capital Markets was the bookrunner.
Also in the primary arena, Citigroup Inc. is talking an offering of series N fixed-to-floating rate noncumulative perpetual preferreds in the 6% area, according to a trader.
Citigroup Global Markets Inc. is running the books on the $1,000-par issue.
The trader said he had not seen any gray markets for the new preferreds.
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