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Morning Commentary: Bluerock Residential on tap; National Retail frees; City Office lists
By Stephanie N. Rotondo
Seattle, Oct. 5 – The preferred stock primary market saw another deal added to the calendar early Wednesday as Bluerock Residential Growth REIT Inc. announced plans to sell series D cumulative preferreds.
Price talk is 7%, according to a market source.
A trader saw the issue at $24.68 bid, $24.85 offered in the gray market.
Janney Montgomery Scott LLC, D.A. Davidson & Co. and Oppenheimer & Co. are leading the deal.
From Tuesday’s business, National Retail Properties Inc.’s $300 million of 5.2% series F cumulative redeemable preferreds freed to trade as of 10:30 a.m. ET, a source reported.
A trader said “$24.90 is where they’ve been trading all around.”
Initial price talk was 5.25%. Wells Fargo Securities LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC ran the books.
From last week’s business, City Office REIT Inc.’s $100 million of 6.625% series A cumulative redeemable preferred stock were admitted to the New York Stock Exchange on Wednesday.
The ticker symbol is “CIOPA.” The deal came Sept. 27 at the midpoint to the 6.5% to 6.75% price talk.
The preferreds were trading at $24.79 at mid-morning, down from opening levels of $24.82.
In the established secondary, a trader said Fannie Mae and Freddie Mac preferreds were pushing up on news “Obama can’t hide all these presidential papers that he wanted to try to hide.”
The trader was referring to a decision from judge Margaret Sweeney of the Court of Federal Claims that will force the disclosure of some 11,000 government documents – all of which the government had been trying to field under executive privilege.
In early trades, Fannie’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) were up 16 cents, or 4.28%, at $3.90.
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