Morning Commentary: Gabelli Multimedia’s recent deal hits the NYSE; Spirit Realty nears par again

By Stephanie N. Rotondo

Seattle, Sept. 29 – As the final week of the month – and the third quarter – wound down, the preferred stock market was attempting to close with a firm tone.

However, the day’s early gains were slight, at best.

The Wells Fargo Hybrid and Preferred Securities index was up 2 basis points at mid-morning. The U.S. iShares Preferred Stock ETF was up 1 bp.

The New York Stock Exchange got a new addition, as the Gabelli Multimedia Trust Inc.’s $50 million of 5.125% series E cumulative preferred shares listed under the ticker symbol is “GGTPrE.”

Paper was trading at $24.95 in early dealings, unchanged from Thursday’s close.

The deal priced Sept. 21.

BofA Merrill Lynch and UBS Securities LLC were the joint bookrunners.

Meanwhile, Spirit Realty Capital Inc.’s $150 million of 6% series A cumulative redeemable preferreds – a deal priced Tuesday – were looking to regain ground, rising 3 cents to $24.99.

The issue had hit par in midweek trading but then declined on Thursday.

The issue’s temporary ticker is “SPRYP.”

The deal came in line with price talk. The sale marks the company’s first entry into the world of preferred stocks.

Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities LLC ran the books.

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