| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers P > Headlines for Pennsylvania Real Estate Investment Trust > News item |
Morning Commentary: Market digesting data, pace of rate hikes; Pennsylvania REIT nears par
By Stephanie N. Rotondo
Seattle, Jan. 19 – Preferred stocks were selling off early Thursday as investors were keeping their eyes on a variety of headlines.
The Wells Fargo Hybrid and Preferred Securities index was down 52 basis points at mid-morning.
The confirmation hearing for Donald Trump’s Treasury Secretary pick, Steven Mnuchin, began in the early hours of the day. The market was interested in that outcome, especially as it pertains to GSEs and housing reform, a trader said.
The market was also digesting fresh housing data that was “strong,” according to the trader, and an unemployment number that was the lowest seen in 43 years. The data appeared to back up Janet Yellen’s comments from Wednesday, in which the Federal Reserve chairman indicated that the time was ripe for continued gradual interest rate increases.
As for the day’s dealings, Pennsylvania Real Estate Investment Trust’s $150 million offering of 7.2% series C cumulative redeemable preferreds were seen at $24.90 bid, $24.97 offered.
The non-rated deal came Wednesday, upsized from $75 million and tight to the 7.375% area price talk.
Wells Fargo Securities LLC, Citigroup Global Markets Inc., Jefferies, J.P. Morgan Securities LLC and Stifel Nicolaus & Co. Inc. ran the books.
Meanwhile, Medley LLC’s 7.25% $25-par notes due 2024 were pegged at $24.80.
The company initially sold $30 million of the notes on Jan. 13. On Wednesday, it was reported that the $4.5 million greenshoe had been fully exercised, bringing the total amount outstanding to $34.5 million.
FBR Capital Markets, Incapital, BB&T Capital Markets, Compass Point, Ladenburg Thalmann & Co. Inc., William Blair and JonesTrading were the joint bookrunners.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.