Midday Commentary: Public Storage's new issue holds steady; Oxford Lane rises post-pricing

By Stephanie N. Rotondo

Phoenix, May 30 - The preferred stock market remained on an upward tick as the shortened holiday week came to close.

At mid-morning, the Wells Fargo Hybrid and Preferred Securities Index was better by 2 basis points.

Public Storage's $250 million of 6% series Z cumulative preferreds were holding in at $24.98 bid, a trader said early in the session.

The deal priced at par of $25 on Wednesday, coming upsized from $150 million.

The trader also noted that the paper had been assigned a temporary trading symbol of "PSAPP."

From Thursday business, Oxford Lane Capital Corp.'s $28 million issue of 8.125% series 2024 term preferreds were pegged at $24.80 bid, $24.92 offered.

The issue had closed in a $24.65 to $24.85 context on Thursday, according to a trader.

The issue priced late Thursday at par of $25.

Ladenburg Thalmann & Co. Inc. and Deutsche Bank Securities Inc. were the joint bookrunners. Oxford Lane's preferreds mature on June 30, 2024 and can be called starting June 30. 2017.

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