Morning Commentary: Freed Global Indemnity up early; New York Bancorp, Spark Energy to list

By Colin Hanner

Chicago, March 21 – A hushed tone was felt in the preferred space on Tuesday morning, a continuation of quiet movement felt for most of Monday, a trader said.

The Wells Fargo Hybrid and Preferred Securities index was down 2 basis points mid-morning, while the U.S. iShares Preferred Stock ETF was down 6 bps.

“It’s very quiet,” a trader said. “Unfortunately, there’s just not much going on right now.”

Global Indemnity Ltd.’s $120 million of 7.875% $25-par subordinated notes due 2047 – a deal priced Thursday – had freed from the syndicate early Monday.

A trader quoted the issue around $24.70, a near-10 cent boost from Monday.

New York Community Bancorp Inc.’s $515 million of 6.375% series A fixed-to-floating rate noncumulative perpetual preferreds – expected to hit the New York Stock Exchange on Wednesday – were bid at $25.90, a trader said. They are trading under the temporary ticker, “NYBCP.”

The new ticker will be “NYCBPrA.”

Elsewhere, a trader said Spark Energy Inc.’s series A fixed-to-floating cumulative redeemable preferreds (OTCBB: SKYQP) will also list under a new ticker on Wednesday on the Nasdaq Global Select Market.

The new ticker will be “SPKEP.”

Those preferreds were down 25 cents, or 1%, to $24.75 at mid-morning.

On an otherwise lower-volume morning, Citigroup Inc.’s 7.125% series J depository fixed-to-floating noncumulative preferreds (NYSE: CPrJ) were up 10 cents, or 0.37%, to $28.81.

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