Recent deals in focus; Ashford issue hits NYSE, Bluerock up next; bank-linked paper mixed

By Stephanie N. Rotondo

Seattle, July 19 – The preferred stock market was modestly higher in early Tuesday trading but retreated by the bell to close with a more negative tone.

Bank paper traded mixed.

The Wells Fargo Hybrid and Preferred Securities index finished off 4 basis points. It was up a like amount at mid-morning.

As for recently priced deals, Public Storage’s $300 million of 4.95% series D cumulative preferreds, which priced July 13, were “about the same,” trading around $24.90, a trader said.

The issue ended at $24.92, which was unchanged day over day.

Stifel Financial Corp.’s $150 million of 6.25% series A noncumulative perpetual preferreds were meantime seen at $25.95 bid in early trading, recovering the nickel lost in the previous session. But the preferreds re-lost that ground, closing unchanged at $25.90.

The paper did trade as high as $26.10 during the day’s session.

Meanwhile, a trader said Bluerock Residential Growth REIT Inc.’s $57.5 million of 7.625% series C cumulative redeemable preferreds would list on the New York Stock Exchange on Wednesday.

The ticker will be “BRGPC.”

The preferreds bucked the day’s downward trend, rising 20 cents to $25.75.

Ashford Hospitality Trust Inc.’s $120 million of 7.375% series F cumulative preferreds meantime hit the NYSE on Tuesday under the ticker symbol “AHTPF.”

The preferreds were seen at $24.93 at the close, off from $24.95 at the open.

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