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Morning Commentary: Preferreds weak; Qwest’s new $25-par notes falter; Morgan Stanley lists on NYSE
By Stephanie N. Rotondo
Phoenix, Sept. 23 – Preferred stocks continued to be soft in Tuesday trading, as the Wells Fargo Hybrid and Preferred Securities index dipped 4 basis points by mid-morning.
A trader said Qwest Corp.’s new $500 million issue of 6.875% $25-par senior notes due 2054 had not yet freed to trade by mid-morning, but he expected it would free later in the session.
He said the new issue, which priced on Monday, was “trading weak” in a $24.57 to $24.60 context.
The deal came via BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC, upsized from $250 million and at the tight end of talk.
Meanwhile, Morgan Stanley & Co. Inc.’s $1 billion of 6.375% series I fixed-to-floating rate noncumulative perpetual preferred stock gained admittance to the New York Stock Exchange on Tuesday.
The deal came Sept. 11, with Morgan Stanley & Co. LLC running the books. The ticker symbol is “MSPI.”
The preferreds were trading at $25.12 early in the day, which compared to opening levels of $25.15.
Among other recently priced deals there was “not a lot of action” in the Gabelli Healthcare & WellnessRx Trust’s $35 million issue of 5.875% series B cumulative perpetual preferreds, a trader said. However, the issue was seen straddling par.
The trader quoted the preferreds at $24.90 bid, $25.05 offered.
No other new issues had been announced as of Tuesday morning, the trader said, though he expected the deal flow to remain steady.
“From what we are hearing, it should be a relatively decent calendar,” he said. “So maybe we’ll see something announced tomorrow.”
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