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Morning Commentary: Preferreds firm as week begins; Pennsylvania REIT, National Retail steady
By Stephanie N. Rotondo
Seattle, Jan 23 – Preferred stocks were better as Monday trading got underway, though a trader noted that overall activity was muted.
The Wells Fargo Hybrid and Preferred Securities index was up 19 basis points at mid-morning.
The primary remained quiet as well, but there was chatter that a new energy deal could come this week.
As for last week’s new issues, Pennsylvania Real Estate Investment Trust’s $150 million offering of 7.2% series C cumulative redeemable preferreds were pegged at $24.85 bid.
“They have been trading right around that level,” a trader said.
The deal came Wednesday, upsized from $75 million and tight to the 7.375% area price talk.
The issue is trading under a temporary symbol, “PNYLP.”
Wells Fargo Securities LLC, Citigroup Global Markets Inc., Jefferies, J.P. Morgan Securities LLC and Stifel Nicolaus & Co. Inc. ran the books.
In the secondary, National Retail Properties Inc.’s 6.625% series D cumulative redeemable preferreds (NYSE: NNNPrD) were busy but unchanged at $25.27 in early dealings.
On Wednesday, the Orlando, Fla.-based REIT said it was redeeming the issue on Feb. 23 at $25.3128472 per share.
Meanwhile, GSE-linked preferreds were already dominating the landscape by mid-morning. But the issues were weakening after rebounding Friday from Thursday’s lows.
The weakness seen Thursday was due to comments made by Treasury Secretary nominee Steven Mnuchin regarding the new administration’s plans to handle housing reform. Mnuchin indicated that any plan involving a recapitalization and release from government control of the GSEs would not be accepted.
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