Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Review > Headlines for 2016 > News item |
Morning Commentary: Stifel’s new noncumulative issue talked at 6.5%-6.625%; Bluerock also on tap
By Stephanie N. Rotondo
Seattle, July 11 – The preferred stock market opened the week with a firm tone on Monday.
The Wells Fargo Hybrid and Preferred Securities index was up 12 basis points in early trading.
With the generally positive feel came two new issues: An offering of series A noncumulative preferreds from Stifel Financial Corp. and an offering of series C cumulative redeemable preferreds from Bluerock Residential Growth REIT Inc.
“They are both doing well,” a trader said. He placed Stifel’s new issue at $24.90 bid, par offered in the early gray market. He had not yet seen any markets for Bluerock but noted that he believed it was “going to sell out too.”
There is no selling group on the Stifel deal, according to the trader, and price talk is 6.5% to 6.625%. Bluerock is being talked in a 7.75% area.
Keefe Bruyette & Woods Inc., BofA Merrill Lynch and Morgan Stanley & Co. LLC are leading the Stifel deal. Janney Montgomery Scott LLC, D.A. Davidson & Co. and FBR Capital Markets are handling the Bluerock offering.
In the wake of the new issue announcements, Stifel’s 5.375% $25-par senior notes due 2022 (NYSE: SFN) were trading down 57 cents, or 2.2%, to $25.36. Bluerock’s 8.255% series A cumulative redeemable preferreds (NYSE: BRGPA) were off 13 cents at $26.08.
© 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.