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Stocks, Treasuries do little to boost preferred activity; new issues list, trade on NYSE
By Stephanie N. Rotondo
Phoenix, Dec. 21 - A declining stock market and a "milquetoast rally" in Treasuries was not spurring any action in the preferred stock market on Friday, according to a trader.
"Nothing is going on," he said, as the upcoming holidays meant many empty desks.
Three recent deals were meantime admitted to the New York Stock Exchange.
Retail Properties of America Inc.'s $125 million of 7% series A cumulative redeemable preferreds - an issue that priced Dec. 11 - listed, as did Seaspan Corp.'s $67.5 million of 7.95% series D cumulative redeemable perpetual preferreds, which came Dec. 6
And, TCF Financial Corp.'s $100 million of 6.45% series B noncumulative perpetual preferreds were admitted under the ticker "TCBPC."
New deals hit NYSE
Retail Properties of America's new 7% series A cumulative redeemable preferred stock was admitted to the NYSE under the symbol "RPAIPA."
The paper was trading at $24.75, down from opening levels of $24.80.
Seaspan's new 7.95% series D cumulative redeemable preferreds also listed, under the symbol "SSWPD."
The preferreds were up 37 cents, or 1.49%, at midday to $25.12.
Rounding out the trifecta was TCF Financial's 6.45% series B noncumulative preferreds.
That ticker was "TCBPC."
The issue was off 4 cents to $24.71.
The deal priced Dec. 12.
Recent issues steady
Recent deals from SunTrust Banks Inc. and Stifel Financial Corp. were "still hovering" around the same levels they have been at for most of the week, the trader said.
SunTrust's $450 million of 5.875% series E noncumulative perpetual preferreds - a deal that priced Dec. 13 - were around $24.70, while Stifel's $150 million of 5.375% $25-par senior notes due 2022 were at $24.90 bid, $24.95 offered.
Stifel priced on Tuesday.
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