Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Review > Headlines for 2017 > News item |
Morning Commentary: Primary space slows down, looks to clean up week’s deals; American Homes holds
By Stephanie N. Rotondo
Seattle, April 20 – After a steady string of new issues, the preferred stock primary market quieted down on Thursday.
“We probably won’t see any more deals this week,” a trader said. He added that the market likely wants to “get things cleaned up” before launching more new issues.
From Wednesday’s business, American Homes 4 Rent’s $150 million of 5.875% series F cumulative redeemable preferreds were seen at $24.80 bid, $24.85 offered at mid-morning.
That was unchanged from the last gray market seen on Wednesday.
The deal came upsized from $100 million and at the tight end of the 5.875% to 6% price talk. BofA Merrill Lynch, Raymond James & Associates Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC ran the books.
Qwest Corp.’s $575 million of 6.75% $25-par notes due 2057 – a deal priced Tuesday and freed to trade on Wednesday – were meantime seen in a $24.75 to $24.80 context, according to a trader.
BofA, Morgan Stanley, RBC Capital Markets and Wells Fargo led that deal, which came upsized from $250 million and in line with price talk.
And, Wells Fargo & Co.’s $600 million issue of 5.625% series Y class A noncumulative preferreds were quoted at $25.10 bid, $25.12 offered in early dealings.
The Wells Fargo-led offering came Monday, upsized from $250 million and tighter than the 5.875% price talk. The deal then freed to trade on Tuesday and was also assigned a temporary trading symbol, “WFGGP.”
© 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.