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RAIT Financial, Gramercy Property Trust preferreds firm; Winthrop Realty Trust in focus
By Christine Van Dusen and Stephanie N. Rotondo
Atlanta, Aug. 14 – New issues from names like RAIT Financial Trust and Gramercy Property Trust Inc. firmed up in trading on a strong but mostly quiet Thursday for preferred stock.
The Wells Fargo Hybrid and Preferred Securities index was up 17 basis points at midday, even as U.S. unemployment claims rose more than expected.
In trading, RAIT Financial Trust’s $70 million issue of 7.125% $25-par senior notes due 2019 was offered at $24.85 early on Wednesday and traded within the $24.75 to $24.85 range all day, according to a trader.
The deal came Monday and freed to trade on Wednesday.
Gramercy Property Trust’s $87.5 million of 7.125% series B cumulative redeemable perpetual preferreds – a deal that came Tuesday – were also “moving up,” a trader said, seeing the issue at $24.95 bid, par offered early in the day.
Later in the session, the notes remained offered at $24.95, he said.
Also on Thursday, Royal Bank of Scotland’s 6.35% noncumulative dollar preference shares series N ADR dipped 7 cents to $24.68 on 379,752 shares traded.
RBS Capital Funding Trust VII’s 6.08% noncumulative guaranteed trust preferred securities rose 12 cents to $24.07 on 190,613 shares traded.
And MetLife Inc.’s floating-rate non-cumulative preferred stock, series A, moved up 6 cents to $23.72 on 168,147 shares traded.
In other news, a preferred stock trader said there was “something going on” with Winthrop Realty Trust.
On Aug. 5, the Boston-based real estate investment trust announced that shareholders had approved a plan of liquidation. On Thursday, the company said it was liquidating its 9.25% series D cumulative redeemable preferreds (NYSE: FURPD) on Sept. 15.
On the news, the preferreds dropped 48 cents, or 1.85%, to close at $25.43.
Holders of the preferreds will receive a liquidation payment of $25.4815.
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