Morning Commentary: Public Storage lags behind par; State Street stays busy; THL lists on NYSE

By Stephanie N. Rotondo

Phoenix, Nov. 24 – Preferred stocks were essentially flat in early Monday trades as a trader predicted a “very quiet week” due to the Thanksgiving holiday.

The trader noted that there was no news of any new deals for the week.

Among deals from the previous week, Public Storage’s $175 million of 5.875% series A cumulative perpetual preferreds were seen at $24.70 bid, $24.77 offered.

That deal came Thursday and freed around midday Friday. It was also assigned a temporary trading symbol, “PBSTP.”

State Street Corp.’s $750 million of 6% series E fixed-rate noncumulative perpetual preferreds – a deal from Tuesday that is trading under a reporting symbol of “SRTRP” – were meantime pegged at $24.90 bid, par offered.

In a deal from earlier in the month, THL Credit Inc.’s $45 million of 6.75% $25-par notes due Nov. 15, 2021 were admitted for trading on the New York Stock Exchange on Monday.

The deal came Nov. 13. The symbol is “TCRX.”

The notes were trading at $24.99 early in the session, down slightly from the par opening levels.

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