Midday Commentary: KKR Financial, Homeowners Choice free up; National Bank of Greece firms

By Stephanie N. Rotondo

Phoenix, Jan. 11 - There were no new issues on Friday in the preferred stock market, but those that came over the course of the week were moving about.

KKR Financial Holdings LLC's $325 million of 7.375% series A LLC perpetual preferreds - a deal that priced on Thursday - freed to trade on Friday. A trader said the issue was "sitting around par," quoting the paper at $24.97 bid, par offered.

Among other recent deals, Homeowners Choice Inc.'s new $35 million issue of 8% $25-par senior notes due 2020 also freed up, according to the trader. That deal also priced on Thursday.

The trader saw a $24.80 bid for the notes at midday.

In the secondary arena, National Bank of Greece SA's $2.25 noncumulative series A preference shares (NYSE: NBGPA) were trading up 30 cents, or 3.37%, at midday to $9.20.

The gains came as the Greek bank, along with two other of the nation's top lenders, were announced to be forgoing formal bids for troubled fellow banking institution Hellenic Postbank.

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