Capital One frees to trade; NuStar trades over par; AXIS lists; Fannie, Freddie climb up

By Stephanie N. Rotondo

Seattle, Nov. 22 – The preferred stock market was starting to wind down ahead of the Thanksgiving holiday, a trader reported on Tuesday.

The trader further commented that “the only thing really going on” was Capital One Financial Corp.’s $500 million of 6% series H noncumulative preferreds, a deal which priced on Monday.

The trader noted that the paper had freed to trade early in the session and ticked up to $24.88, a gain of 3 cents.

“We heard a brief rumor of a possible utility deal,” a trader noted. “But if they haven’t launched it yet, I don’t think anything else is going to happen for the rest of the week.”

NuStar Energy LP’s $200 million of 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred units were meantime seen edging up 12 cents to $25.12.

The deal came Thursday, upsized from $100 million and in line with price talk. The units begin to float on Dec. 15, 2021 at Libor plus 676.6 basis points. The issue freed to trade Friday afternoon.

The units are trading under a temporary symbol, “NTSRF.”

And, as was expected, AXIS Capital Holdings Ltd.’s $550 million of 5.5% series E noncumulative preferred shares began trading on the New York Stock Exchange on Tuesday under the ticker “AXSPE.”

The preferreds closed at $23.75. That compared to $23.51 at the open.

Meanwhile, Fannie Mae and Freddie Mac preferreds improved.

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