Morning Commentary: Preferred stock primary shuts down for week; Capital One begins trading on NYSE

By Stephanie N. Rotondo

Seattle, Aug. 5 – No more new preferred stock issues were seen in early Friday trading as the market looked to tidy up what came over the course of the week.

From Thursday’s business, Seaspan Corp.’s $225 million of 7.875% series H cumulative redeemable preferreds were quoted at $24.62 bid, $24.65 offered.

Price talk was in an 8% to 8.125% range. The deal came upsized from $75 million via BofA Merrill Lynch, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC and Citigroup Global Markets Inc.

Also from Thursday, Medley LLC’s $25 million of 6.875% $25-par unsecured notes due Aug. 15, 2026 were seen at $24.65.

Price talk was in the 6.875% area, a market source reported. Incapital LLC, FBR Capital Markets, JonesTrading and Ladenburg Thalmann & Co. Inc. ran the books.

Meanwhile, Capital One Financial Corp.’s $600 million of 5.2% series G noncumulative preferreds – a deal priced July 26 – began trading on the New York Stock Exchange on Friday.

The ticker symbol is “COFPG.”

Paper was trading at $25.03 at mid-morning, up from opening levels of $25.01.

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