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Preferred market quiet; Colony Financial frees; Safe Bulkers flat; National General gains
By Aleesia Forni
Virginia Beach, June 24 – The preferred market firmed during the session on Tuesday following a subdued opening, while no new issuers came to the primary market.
“It’s been pretty quiet today,” a source said early during the session.
The secondary market was near flat early on Tuesday, with the Wells Fargo Hybrid and Preferred Securities index up 1 basis point.
However, the market firmed as the day wore on, and the index closed the session up 7 bps.
Safe Bulkers Inc.’s $70 million offering of 8% series D cumulative redeemable perpetual preferreds, which priced on Tuesday, was quoted unchanged at $24.60 bid, $24.70 offered.
The bookrunners were Morgan Stanley & Co. LLC and UBS Securities LLC.
Safe Bulkers is an Athens, Greece-based marine drybulk transportation company.
In other recent deals, National General Holdings Corp.’s $55 million of 7.5% series A noncumulative preferreds were quoted at $24.80 bid, $24.90 offered early in the day.
Morgan Stanley and UBS Securities are the joint bookrunning managers for the deal that sold on Wednesday.
National General is a New York-based specialty personal lines insurance holding company.
Also on Tuesday, EnerJex Resources Inc.’s recently priced $13.89 million of non-dilutive 10% series A cumulative redeemable perpetual preferred stock traded up at $25.50 bid late Tuesday.
The notes were sold at $23.75 per share June 17.
Northland Capital Markets and Euro Pacific Capital are the joint bookrunning managers.
EnerJex is a San Antonio-based independent oil and gas exploration and production company.
In other market news on Tuesday, Colony Financial, Inc.’s $86.25 million of 7.5% series B cumulative redeemable perpetual preferred stock listed on the New York Stock Exchange, a market source said.
The deal priced on June 12. The ticker symbol is “CLNYPrB.”
A trader quoted the notes at $25.07 bid, $25.12 offered on Tuesday.
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