Deals from Farmland Partners, Cherry Hill free to trade; Invesco trades up

By Stephanie N. Rotondo

Seattle, Aug. 11 – Trading was slowing down in the preferred stock market on Friday.

Amid the muted liquidity, the space was attempting to recover from Thursday’s sizable losses.

The Wells Fargo Hybrid and Preferred Securities index ended the day up 3 basis points, though its was down 18 bps at mid-morning. The index had closed down 64 bps on Thursday.

The U.S. iShares Preferred Stock ETF was also up 3 bps, after ending the previous session off 90 bps.

As for preferred stock dealings, Farmland Partners Inc.’s $131.25 million of 6% series B participating preferred stock – a deal priced late Thursday – freed to trade at mid-morning.

The issue was assigned a temporary ticker symbol, “FPRRP.”

At day’s end, the issue was seen at $24.90, on about 420,000 shares traded.

Also from Thursday’s business, Cherry Hill Mortgage Investment Corp.’s $55 million of 8.2% series A cumulative redeemable preferreds freed from the syndicate in the early afternoon.

A temporary ticker of “CHMMP” was given to the issue.

The preferreds finished up a nickel at $24.57.

From Wednesday, Invesco Mortgage Capital Inc.’s $250 million of 7.5% fixed-to-floating rate series C cumulative redeemable preferred stock ticked up 2 cents to close at $24.82.

That issue also has a temporary symbol, “IVSOP.”

© 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.