Chimera trades below par; Seaspan’s new preferreds improve; Energy Transfer gains

By James McCandless

San Antonio, Sept. 14 – Friday trading in the preferred market focused on the week’s new issues.

Chimera Investment Corp.’s new $250 million of 7.75% series C fixed-to-floating rate cumulative redeemable preferred stock ended below par.

Seaspan Corp.’s new $150 million of 8% series I fixed-to-floating rate cumulative redeemable perpetual preferred shares improved.

Energy Transfer Partners, LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units rose.

Chimera below par

Chimera’s new $250 million of 7.75% series C fixed-to-floating rate cumulative redeemable preferred stock ended below par on its first day of trading.

The preferreds, trading under the temporary symbol “CIMPP,” were spotted ending at $24.85 on volume of about 1.6 million shares.

The deal priced on Thursday.

Seaspan rises

Also pricing this week, Seaspan’s new $150 million of series I fixed-to-floating rate cumulative redeemable perpetual preferreds improved in Friday trading after closing below par on Thursday.

The preferreds, trading under the temporary symbol “SSWPP,” were up 5 cents to close at $24.80 with about 645,000 shares trading.

The deal priced on Wednesday.

Meanwhile, Energy Transfer’s 7.375% series C fixed-to-floating rate cumulative preferreds gained.

The preferreds (ETPPrC) were up 3 cents to close at $25.43 on volume of about 330,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.13% at market close, improving after falling 0.23% in early trading on Friday.

The iShares US Preferred Stock ETF was up 7 cents to $37.34.

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