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Morning Commentary: Preferreds firm to start week; eBay offers $25-par notes; Senior Housing lists
By Stephanie N. Rotondo
Seattle, Feb. 22 – The preferred stock market was bouncing higher with the broader markets in early Monday trading.
“Oil is up almost $2,” a trader said, adding that the gain in the commodity was helping other commodities improve as well. “Everything is jumping up.”
The Wells Fargo Hybrid and Preferred Securities index was up 26 basis points at mid-morning.
Investors were eyeing a new deal from eBay Inc., a planned $250 million sale of $25-par notes due 2046.
Price talk is 6.125% to 6.25%.
“There is a lot of demand for the name,” a trader said. “This is the first deal they have ever brought like this.”
As such, the trader opined that the deal could increase in size, especially as the paper was “already” bid for at $24.90 in the gray market.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are running the books.
Meanwhile, Senior Housing Properties Trust’s $250 million of 6.25% $25-par senior notes due Feb. 1, 2046 began trading on the New York Stock Exchange, according to market sources.
The ticker is “SNHO.” The deal priced Feb. 10.
Paper was trading at $24.75 bid, $24.80 offered, a trader said.
Initial price talk was 6.25% to 6.375%. The deal was upsized from $100 million.
BofA Merrill Lynch, Morgan Stanley, UBS Securities LLC, Wells Fargo, Citigroup Global Markets Inc. and RBC Capital Markets LLC were the joint bookrunners. Jeffries & Co. was joint lead manager, and BB&T Capital Markets, Janney Montgomery Scott LLC, Oppenheimer & Co. and FBR Capital Markets were the co-managers.
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