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Morning Commentary: Maiden Holdings’ new issue frees to trade; NGL, Oxford Lane paper firms
By Stephanie N. Rotondo
Seattle, June 9 – New and recently priced preferred stock issues continued to be eyed in early Friday trading.
Market sources reported that Maiden Holdings Ltd.’s $150 million of 6.7% series D noncumulative preference shares – a deal priced on Thursday – had freed to trade early in the day.
The securities were quoted at $24.95 bid, par offered.
The yield came tight to the 6.75% price talk, and the deal was increased from a planned $100 million.
BofA Merrill Lynch, Morgan Stanley & Co. LLC and UBS Securities LLC ran the books.
Meanwhile, NGL Energy Partners LP’s $185 million of 9% class B fixed-to-floating rate cumulative redeemable preferred units were modestly better, rising a penny to $24.92.
The deal came Tuesday, in line with price talk but upsized from $50 million. It freed from the syndicate early Wednesday.
The issue has a temporary trading symbol, “NGGLP.”
UBS Securities, Morgan Stanley and RBC Capital Markets were the joint bookrunners.
And, Oxford Lane Capital Corp.’s $62.5 million of 6.75% series 2024 term preferreds – another deal priced Tuesday – were seen at $24.85 bid. $24.95 offered at one desk.
Another source called the issue up 9 cents at $25.04.
Like NGL, Oxford freed to trade on Wednesday and was given a temporary ticker on Thursday.
The symbol is “OXXDP.”
Ladenburg Thalmann & Co. Inc. is the lead manager. BB&T Capital Markets and William Blair & Co. are the joint bookrunners. National Securities Corp. is the co-manager.
In new listings, First Republic Bank’s $200 million of 5.125% series H noncumulative perpetual preferred stock began trading on the New York Stock Exchange on Friday.
The ticker symbol is “FRCPrH.”
Paper was at $25.08 at mid-morning, down from $25.15 at the open.
The deal came May 31. Price talk was 5.25%. The amount was increased from $150 million.
BofA Merrill Lynch, Morgan Stanley, UBS Securities and Wells Fargo Securities LLC are the joint bookrunners.
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