Midday Commentary: Taubman, Pebblebrook announce planned new issues; Ventas Realty lists on NYSE

By Stephanie N. Rotondo

Phoenix, March 11 - Two new preferred stock offerings hit the tape on Monday morning.

"They are small deals," a trader said. Neither issue was performing great either, though he attributed that to people being out for Spring Beak vacations.

Taubman Centers Inc. said it was going to sell at least $75 million of series K cumulative redeemable preferreds.

Price talk is around 6.25%, according to a trader.

The trader saw a less 70 bid for the paper in the midday gray market.

Meanwhile, Pebblebrook Hotel Trust announced an offering of series C cumulative redeemable preferreds. A trader said the issue would be non-rated, with price talk around 6.5%.

That was pegged at $24.65 bid at midday.

In other recent issues, Ventas Realty LP's $225 million of 5.45% $25-par senior notes due 2043 listed on the New York Stock Exchange on Monday.

The deal priced Feb. 28. The ticker symbol is "VTRB."

The notes were trading at $25.19 at midday, up from opening levels of $25.13.

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