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Midday Commentary: Safe Bulkers eyes offering; Regions lists on NYSE; recent deals firming
By Stephanie N. Rotondo
Phoenix, April 30 - The preferred stock market was gaining strength ahead of a Federal Reserve announcement on Wednesday.
The central bank is expected to release a statement from its monthly meeting around 2 p.m. ET. The market is expecting that the Fed will again cut its bond repurchase program.
The Wells Fargo Hybrid and Preferred Securities index was up 11 basis points as of mid-morning.
Safe Bulkers Inc. announced a new deal early in the session. The Athens, Greece, drybulk shipping company said it was selling at least $50 million of series C cumulative redeemable perpetual preferred stock in a non-rated deal.
Price talk is around 8.125%, according to the trader.
There was a $24.60 bid for paper in the gray market, he said.
Among recent deals, Regions Financial Corp.'s $500 million of 6.375% series B fixed-to-floating rate noncumulative perpetual preferred stock were admitted to the New York Stock Exchange on Wednesday.
The deal priced via Goldman Sachs & Co., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC on April 24. The ticker symbol is "RFPB."
The shares were improving over Tuesday's session upon listing, hitting $24.80. The issue had previously closed at $24.70.
Meanwhile, the Goldman Sachs Group Inc.'s $700 million of 6.375% series K fixed-to-floating rate noncumulative perpetual preferreds were also on the rise, trading at $25.40, a trader said.
Morgan Stanley's $500 million of 6.625% series G noncumulative perpetual preferred stock were then quoted at $24.95 bid, $25.05 offered.
Goldman came April 21. Morgan Stanley priced April 22.
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