Morning Commentary: Public Storage joins calendar; Valley National, Annaly deals gain ground

By Stephanie N. Rotondo

Seattle, July 31 – A new preferred stock deal hit the tape early Monday as the market looked to close out the month.

Public Storage announced a $100 million offering of series G cumulative preferreds with price talk around 5.125%.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are running the books.

In response to the new issue news, the company’s 5.15% series F cumulative preferreds (NYSE: PSAPrF) declined 12 cents in early dealings to $25.10.

As for deals from the previous week, Valley National Bancorp’s new $100 million of 5.5% series B fixed-to-floating rate noncumulative preferreds was seen moving up to $25.95 from $25.81 at the previous close.

The deal priced on Thursday and freed from the syndicate on Friday. It is trading under a temporary ticker, “VLYYP.”

Keefe Bruyette & Woods Inc. is the bookrunner.

Meanwhile, Annaly Capital Management Inc.’s $700 million of 6.95% series F fixed-to-floating rate cumulative redeemable preferreds – a deal priced Tuesday – remained actively traded.

The preferreds were up at $24.90 at mid-morning, which compared to $24.82 at Friday’s close.

The deal freed Wednesday afternoon and began trading under a temporary ticker, “ANNPP.”

Morgan Stanley, J.P. Morgan Securities LLC, UBS Securities, RBC Capital Markets, Citigroup Global Markets Inc. and Keefe Bruyette & Woods were the bookrunners.

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