Morning Commentary: Next week’s preferred stock calendar eyed; issues from Capital One, OM active

By Stephanie N. Rotondo

Seattle, July 29 – A preferred stock trader said end-of-the-month dealings were rather subdued on Friday.

“It’s the end of the month. A lot of people are on vacations,” he said.

That being said, he did note that he was hearing the new issue calendar should be “decent” in the coming week, though he had no details on what deals might be coming.

As for this week’s new issues, Capital One Financial Corp.’s $600 million of 5.2% series G noncumulative preferreds were seen trading as high as $25.03 by mid-morning.

The deal came on Tuesday. It is trading under a temporary symbol, “CITLP.”

BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC ran the books.

OM Asset Management plc’s $125 million of 5.125% $25-par senior notes due 2031 were meantime pegged at $24.90 offered.

The notes priced Wednesday, coming upsized from $100 million and tighter than the 5.25% price talk. BofA Merrill Lynch, Wells Fargo and Citigroup Global Markets Inc. were the joint bookrunners.

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