Preferred stock primary market quiet; Seaspan frees to trade; Capital One lists on NYSE

By Stephanie N. Rotondo

Seattle, Aug. 5 – No more new preferred stock issues were seen in Friday trading as the market looked to tidy up what came over the course of the week.

From Thursday’s business, Seaspan Corp.’s $225 million of 7.875% series H cumulative redeemable preferreds freed to trade in the afternoon, a market source reported.

The preferreds were seen closing at $24.75, a market source said, though he noted that the paper traded 5 cents cheaper than that most of the day.

The preferreds were quoted at $24.62 bid, $24.65 offered earlier in the day.

Price talk was in an 8% to 8.125% range. The deal came upsized from $75 million via BofA Merrill Lynch, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBC Capital Markets LLC and Citigroup Global Markets Inc.

Also from Thursday, Medley LLC’s $25 million of 6.875% $25-par unsecured notes due Aug. 15, 2026 were seen at $24.65.

Another trader pegged the issue at $24.50 bid, $24.60 offered.

Incapital LLC, FBR Capital Markets, JonesTrading and Ladenburg Thalmann & Co. Inc. ran the books.

Meanwhile, Capital One Financial Corp.’s $600 million of 5.2% series G noncumulative preferreds – a deal priced July 26 – began trading on the New York Stock Exchange on Friday.

The ticker symbol is “COFPG.”

Paper was trading at $25.03 at mid-morning, up form opening levels of $25.01. The issue closed at $25.02.

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