Midday Commentary: Vornado's new issue frees from syndicate; Farmer Mac gets a symbol; Stifel lists

By Stephanie N. Rotondo

Phoenix, Jan. 18 - Recent deals in the preferred stock market were taking the focus in Friday trading, as the secondary market remained subdued, a trader said.

Vornado Realty Trust's new $300 million offering of 5.4% series L cumulative redeemable preferreds - a deal that priced early Thursday - freed to trade Friday, according to a source. The issue was holding around $24.70.

JMP Group Inc.'s $40 million of 8% $25-par senior notes due 2023 - another deal that came early Thursday - was meantime trading at $24.95 bid.

A trader also noted that a $60 million 5.875% issue of series C perpetual preferreds from Federal Agricultural Mortgage Corp., or Farmer Mac, got a trading symbol, but added that he didn't think it would actually list on any exchange until next week.

The trader quoted the preferreds at $25.25 bid, $25.32 offered.

In other recent deals, Stifel Financial Corp.'s $150 million of 5.375% $25-par senior notes due 2022 listed on the New York Stock Exchange on Friday under the ticker symbol "SFN."

The issue priced Dec. 18.

Paper was trading at $25.48 at midday, compared to opening levels of $25.25.

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