Morning Commentary: Stifel to sell baby bonds; Horizon not yet free; new REIT deals trade off

By Stephanie N. Rotondo

Seattle, Sept. 27 – The new issue pipeline continued to flow into the preferred stock market on Wednesday.

Stifel Financial Corp. announced plans to sell $100 million of $25-par senior notes due 2047.

Price talk is 5.25% to 5.375%, a market source reported.

Keefe Bruyette & Woods Inc., BofA Merrill Lynch and Morgan Stanley & Co. LLC are running the deal.

As for deals that have already priced this week, Horizon Technology Finance Corp.’s $32.5 million of 6.25% $25-par notes due 2022 – a deal priced late Tuesday – were seen at $24.70 bid in the early gray market.

A trader noted that the paper was not yet free to trade.

Keefe Bruyette was the bookrunner on the deal.

Also from Tuesday’s business, Investors Real Estate Trust’s $100 million of 6.625% series C cumulative redeemable preferreds were pegged at $24.69 in early trading, off 6 cents.

The deal priced in the middle of the 6.25% to 6.75% price talk.

The issue freed to trade around midday on Tuesday, getting a temporary ticker of “IRRTP.”

BMO Capital Markets and Raymond James & Associates Inc. were the bookrunners.

And, Federal Realty Investment Trust’s $150 million of 5% series C cumulative redeemable preferreds were seen at $24.72 at mid-morning, off 28 cents, or 1.12%.

That deal came Monday and freed to trade on Tuesday.

Its temporary ticker is “FDDRP.”

BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC ran the books.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.