Morning Commentary: Preferreds firm as month winds down; Government Properties, W.R. Berkley list

By Stephanie N. Rotondo

Seattle, May 31 – Preferred stocks were ticking higher in the final trading session of the month.

The Wells Fargo Hybrid and Preferred Securities index was up 4 basis points at midday.

However, a trader noted that activity was somewhat muted.

“I’m not hearing of any deals,” he said. “I think everybody is recovering from the long weekend.”

Recently priced issues were seen hitting the New York Stock Exchange on Tuesday.

Government Properties Income Trust’s $300 million of 5.875% $25-par senior unsecured notes due May 1, 2046 were given a symbol, “GOVN.”

At mid-morning, the paper was trading at $24.85, down from opening levels around par.

That issue priced May 19 via BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC.

Meanwhile, W.R. Berkley Corp.’s $290 million of 5.75% $25-par subordinated debentures due June 1, 2056 also began trading on the NYSE.

The ticker is “WRBPD.” The deal priced May 18 from Morgan Stanley, BofA Merrill Lynch, UBS and Wells Fargo.

The notes were seen at $24.88 at mid-morning, off from opening levels around $24.92.

As for deals that have yet to list, Hersha Hospitality Trust’s $175 million of 6.5% series D cumulative redeemable preferreds were quoted at $24.80 bid, $24.90 offered.

That issue came May 24, with Morgan Stanley, BofA Merrill Lynch, Raymond James & Associates Inc., Wells Fargo and Citigroup Global Markets Inc. running the books.

© 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.