Morning Commentary: Teekay LNG’s new units not yet free; City Office steady; AmTrust lists on NYSE

By Stephanie N. Rotondo

Seattle, Sept. 29 – Preferred stocks were coming in on Thursday, trading flat to slightly weaker.

The Wells Fargo Hybrid and Preferred Securities index was down 1 basis point at mid-morning.

A trader said he had not heard of any more new deals for the week.

But as for the deals already priced during the week, Teekay LNG Partners LP’s $125 million of 9% series A cumulative redeemable perpetual preferred units were not yet freed to trade, according to a trader.

The issue came Wednesday, in line with price talk.

The trader pegged the units at $24.65 bid, $24.75 offered.

Meanwhile, City Office REIT Inc.’s $100 million of 6.625% series A cumulative redeemable preferreds – a deal priced Tuesday – were quoted at $24.90 bid, $24.95 offered.

The preferreds had ended Wednesday’s session at $24.90.

The trader said that issue also did not appear to be free to trade, though it did have a temporary symbol, “CYORP.”

From last week’s business, AmTrust Financial Services Inc.’s $287.5 million of 6.95% series F noncumulative preferred stock was admitted to the New York Stock Exchange on Thursday, as was expected.

The ticker is “AFSIPF.” Paper was trading at $25.27 at mid-morning, down from opening levels of $25.31.

The deal priced Sept. 20.

Price talk was 7% to 7.125%.

© 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.