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Morning Commentary: Farmland Partners lists on NYSE: Ashford lower; AGNC preferreds hit par
By Stephanie N. Rotondo
Seattle, Aug. 18 – As the broader markets were modestly selling off, volume was slowing down in the preferred stock market early Friday.
Still, new and recent issues continued to take up a majority of the day’s activity.
Farmland Partners Inc.’s $150.94 million of 6% series B participating preferred stock listed on the New York Stock Exchange on Friday.
The ticker symbol is “FPIPrB.”
Paper was trading at $25.44 in early dealings, up 4 cents.
The company initially sold $131.25 million of the preferreds on Aug. 10. On Aug. 17, the company said its $19,687,000 over-allotment option had been exercised in full.
Raymond James & Associates Inc. and Jefferies LLC were the bookrunners.
From this week’s business, Ashford Hospitality Trust Inc.’s $85 million of 7.5% series H cumulative preferreds were giving back some of the gains from the previous session, sliding 9 cents to $24.71.
The issue freed to trade around midday on Thursday, getting a temporary ticker symbol of “AHHSP.”
The company brought the issue on Wednesday. Initial price talk was in a range of 7.5% to 7.625%.
The deal came upsized from $50 million
UBS Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners.
AGNC Investment Corp.’s $300 million of 7% series C fixed-to-floating rate cumulative redeemable preferred stock – a deal priced Tuesday – remained firm, rising a nickel to hit par.
The issue has a temporary symbol, “AGNNP.”
And, Arch Capital Group Ltd.’s $200 million of 5.45% series F noncumulative preferreds – a deal from Monday – slipped a penny to $24.89.
That issue’s temporary symbol is “AHCCF.”
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