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Midday Commentary: Texas Capital, Glimcher to bring deals; Prudential, Pebblebrook, Summit list
By Stephanie N. Rotondo
Phoenix, March 21 - Another two new issues entered the preferred stock market on Thursday.
Texas Capital Bancshares Inc. said it was issuing series A noncumulative perpetual preferred stock.
A trader said he had heard price talk was around 6.5%, but noted that "it's weird, I haven't seen an official launch from the manager."
However, there was a gray market quote of $24.88 bid, $24.95 offered for the new issue.
Glimcher Realty Trust also announced an offering, a sale of series I cumulative redeemable preferred shares. Price talk on that deal was around 6.875%, according to the trader.
But he had not seen any markets in that issue.
From Wednesday business, The Hanover Insurance Group's $175 million of 6.35% subordinated debentures due 2053 freed up early in the session.
A trader saw the notes trading "above par," pegging them at $25.05 bid.
Among other recent deals, Prudential Financial Inc.'s $710 million issue of 5.7% $25-par junior subordinated notes due 2053 officially listed on the New York Stock Exchange under the symbol "PRH."
The notes were holding at $24.89 as of midday. The deal priced March 7.
Also listed were Pebblebrook Hotel Trust's $90 million of 6.5% series C cumulative redeemable preferreds, a deal that came to market on March 11.
The ticker is "PEBPC." Paper was trading at $24.50 at midday, up from opening levels of $24.35.
And, Summit Hotel Properties Inc.'s $75 million of 7.125% series C cumulative redeemable preferreds listed under the ticker "INNPC."
The issue priced March 13. The preferreds were at $25..08 at midday, down from $25.11 at the open.
Away from recent deals, Corporate Office Properties Trust's 7.625% series J cumulative redeemable preferreds (NYSE: OFCPJ) were off 11 cents at midday at $25.51. The company announced a redemption of the securities late Wednesday.
The call date is April 22.
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