Atlas Resource Partners, Colony Capital add deals to primary calendar; GasLog to list

By Stephanie N. Rotondo

Phoenix, April 7 – The preferred stock market kicked off Tuesday trading with a firm tone, but one trader noted that liquidity remained limited.

Another market source said that volume was “maybe marginally better” than that seen on Monday.

The Wells Fargo Hybrid and Preferred Securities index ended up 5 basis points.

In the primary market, Atlas Resource Partners LP announced early in the session that it would offer class E cumulative redeemable perpetual preferred units.

However, a trader said he had yet to see any details on the new issue coming via MLV & Co. LLC, Ladenburg Thalmann & Co. Inc., National Securities Corp., Northland Capital Markets and U.S. Capital Advisors.

“It will be a small deal,” a source opined. “I would be surprised if it was over $50 million.”

Late in the day, Colony Capital Inc. said it had launched an offering of series C cumulative redeemable perpetual preferreds.

BofA Merrill Lynch, Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets and UBS Securities LLC are running that deal.

Like Atlas, there were few details around in terms of pricing, according to a source.

Meanwhile, GasLog Ltd.’s $100 million of 8.75% series A cumulative redeemable perpetual preference shares are slated to begin trading on the New York Stock Exchange on Wednesday, according to a market source.

The deal came March 30. The ticker symbol will be “GLOGPA.”

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