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Recent preferreds take focus, end mixed; CHS paper 'up a lot'; Tsakos a no-show so far
By Stephanie N. Rotondo
Phoenix, Sept. 26 - Recent new issues were dominating trading on Thursday, according to one preferred stock market source.
Morgan Stanley & Co. Inc.'s $750 million of 7.125% series E fixed-to-floating rate noncumulative preferreds were seen at $25.15 bid, $25.25 offered at midday, as were Citigroup Inc.'s $900 million of 7.125% fixed-to-floating series J noncumulative perpetual preferred stock.
After the close, a source saw the Morgan Stanley issue ending flat at $25.27, with over 1.6 million preferred shares changing hands.
The Morgan Stanley issue came on Tuesday, and Citigroup priced on Sept. 12.
Also, the Allstate Corp.'s $350 million of 6.75% series C fixed-rate noncumulative preferreds were pegged at $24.85 bid, $24.92 offered at midday. The paper finished the session down 3 cents at $24.90.
That deal came on Monday.
From last week's business, CHS Inc.'s $250 million issue of series 1 class B cumulative redeemable preferreds was quoted at $26.00 bid, $26.35 offered around noon ET.
"They were a lot lower at the beginning of the day," one market source said, seeing the issue closing at $26.46, which he deemed "up a lot."
The volume weighted average price was $26.25.
The issue is expected to list on the Nasdaq under the ticker symbol "CHSCO" on Friday.
Meanwhile, Tsakos Energy Navigation Ltd.'s planned offering of series C cumulative redeemable perpetual preferred stock - a deal that was first announced on Wednesday - had yet to price, a source said.
"It's going kind of slow," he said of the deal.
Away from recent new issues, there was "better volume," one source said. The market was also trending higher, with the Wells Fargo Hybrid and Preferred Securities index trading up 25 basis points.
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