Midday Commentary: Apollo Investment, Oxford Lane announce new offerings; Allstate hits par

By Stephanie N. Rotondo

Phoenix, June 10 - Two new issues were entering the preferred stock market as the week got underway on Monday.

Apollo Investment Corp. said it would sell at least $100 million of $25-par senior notes due 2043. Price talk is 6.875% to 7%, a trader said.

The trader saw the issue trading around $24.57 in the midday gray market.

Meanwhile, Oxford Lane Capital Corp. is planning an offering of at least $25 million series 2023 preferreds.

The securities are monthly paying.

A trader said he had not seen any market for that issue, which was being talked around 7.5%.

For the previous week, Allstate Corp.'s $250 million of 5.625% series A fixed-rate noncumulative preferreds were seen at par bid early in the session, while AmTrust Financial Services Inc.'s $115 million of 6.75% series A noncumulative perpetual preferreds were pegged at $24.43 bid, $24.50 offered.

Allstate priced on Wednesday, and AmTrust came on Tuesday.

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