Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for Morgan Stanley & Co. Inc. > News item |
Morning Commentary: Morgan Stanley’s new issue hits par; Invesco preferreds admitted to NYSE
By Stephanie N. Rotondo
Phoenix, Sept. 12 – The preferred stock market was soft as the week came to a close.
The Wells Fargo Hybrid and Preferred Securities index was down 28 basis points at mid-morning.
Morgan Stanley & Co. Inc.’s newly priced $1 billion issue of 6.375% series I fixed-to-floating rate noncumulative preferreds hit par in early Friday trading.
A trader quoted the new deal at par bid, $25.05 offered.
The preferreds priced Thursday and freed to trade shortly thereafter, the trader said.
Morgan Stanley & Co. LLC ran the books.
The issue begins to float on Oct. 15, 2024 at Libor plus 370.8 basis points.
Meanwhile, Vanguard Natural Resources LLC’s $100 million of 7.75% series C cumulative redeemable perpetual preferred units – a deal that came Wednesday – was assigned a temporary reporting symbol on Friday, according to a trader.
The symbol is “VNRTP.” The trader saw the issue trading around $24.70.
Invesco Mortgage Capital Inc.’s $150 million of 7.75% series B fixed-to-floating rate cumulative redeemable preferreds meantime began trading on the New York Stock Exchange under the ticker symbol “IVRPB.”
Paper was trading at $24.89 at mid-morning, up from opening levels of $24.78.
The deal priced Sept. 4.
The primary market was expected to continue to be busy next week.
“We still have a full calendar coming next week as well,” a trader said.
© 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.