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Public Storage, State Street issues active; THL Credit’s new $25-par notes trading on NYSE
By Stephanie N. Rotondo
Phoenix, Nov. 24 – Preferred stocks were up modestly in Monday trades as a trader predicted a “very quiet week” due to the Thanksgiving holiday.
The Wells Fargo Hybrid and Preferred Securities index was up 5 basis points.
The trader noted that there was no news of any new deals for the week.
“There was pretty light volume,” another market source said, pointing to the shortened holiday week.
Among deals from the previous week, Public Storage’s $175 million of 5.875% series A cumulative perpetual preferreds were seen closing at $24.65, deemed off a nickel by one market source and down by 7 cents by another source.
The issue was quoted at $24.70 bid, $24.77 offered at mid-morning.
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 seen rising 2 cents to $24.94 at one desk.
At another shop, the preferreds were called down 6 cents, also at $24.94.
The preferreds were pegged at $24.90 bid, par offered early in the session.
Both the Public Storage and State Street deals made the day’s most actively traded list.
In deals 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 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. The paper closed at $25.02, after hitting a high of $25.10 and a low of $24.95.
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