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Morning Commentary: Preferred stocks mixed in early trading; new issue calendar seen lackluster
By Stephanie N. Rotondo
Seattle, April 6 – The preferred stock market continued to see choppy trading on Thursday.
The Wells Fargo Hybrid and Preferred Securities index was down 6 basis points at mid-morning. However, the U.S. iShares Preferred Stock ETF was up 4 bps.
The primary market continued to be muted, despite chatter earlier in the week that the calendar would build up. One sellside source said the buzz now was that “there might not be anything until after Easter.”
Easter is April 16, meaning the new issue market could remain nearly silent for another week or more.
TICC Capital Corp. brought the current week’s only deal thus far late Tuesday, selling $57.5 million of 6.5% $25-par notes due 2024.
The deal came upsized from $50 million and in line with price talk.
In Thursday trading, a trader pegged the paper at $24.75.
Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, Compass Point and William Blair & Co. ran the books.
Among other recent deals, Tsakos Energy Navigation Ltd.’s $115 million of 9.25% series E fixed-to-floating rate cumulative redeemable preferred stock was seen at $25.03 bid, though with no offers, according to a trader.
The company priced the $100 million deal on March 29, announcing the exercise of the $15 million greenshoe on Monday.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, UBS Securities LLC, Citigroup Global Markets Inc. and Stifel Nicolaus & Co. Inc. were the bookrunners.
Meanwhile, Global Indemnity Ltd.’s 7.875% $25-par subordinated notes due 2047 were trading around $24.80, a trader said.
That issue came March 16, with $120 million of the notes being sold. On March 30, $10 million of an $18 million over-allotment option was exercised, bringing the total amount outstanding to $130 million.
Morgan Stanley, UBS and RBC Capital Markets led the deal.
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