New issues perk up; Entergy Mississippi lists; Deutsche Bank declines on settlement drama

By Stephanie N. Rotondo

Seattle, Sept. 16 – The week’s new preferred stock issues were trading well early Friday.

Dairy Farmers of America Inc.’s $150 million of 7.125% series C cumulative preferreds – a deal from Thursday – were seen at 102 bid, 102.75 offered at mid-morning. At the close, a market source pegged the paper at 102.5.

Aspen Insurance Holdings Ltd.’s $225 million of 5.625% noncumulative perpetual preference shares were meantime seen at par bid in early trading, moving up to $25.02 by the bell. That issue came on Tuesday.

From Monday’s business, Southern Co.’s $800 million of 5.25% $25-par junior subordinated notes due 2076 were pegged at $25.05 bid, $25.07 offered. However, the notes came in a touch from the intraday high, finishing at $25.02, according to a source.

A trader said the notes could list on the New York Stock Exchange as soon as Tuesday.

And speaking of new listings, Entergy Mississippi Inc.’s $260 million of 4.9% $25-par first mortgage bonds due 2066 listed on the NYSE on Friday, as was expected.

The ticker symbol is “EMP.” The deal priced Sept. 8.

The paper was trading at $24.89 at mid-morning, versus $24.94 at the open. It closed at $24.85.

Away from new issues, Deutsche Bank AG securities were taking a hit as it was reported that the German bank was not interested in a $14 billion settlement with the U.S. Department of Justice.

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