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Morning Commentary: Medley to bring $25-par notes; Northern Trust holds around par; Vornado dips
By Stephanie N. Rotondo
Seattle, Aug. 2 The preferred stock market primary calendar continued to add deals on Tuesday, with Medley LLCs planned $25 million sale of $25-par unsecured notes due 2026.
It looks like it is one of many deals they plan to bring, to we should get support on that, a trader said.
He added that he had yet to see any gray markets for the paper, but he attributed that to the fact that it was a small deal.
Price talk is in the 6.875% area, a market source reported. Incapital LLC, FBR Capital Markets, JonesTrading and Ladenburg Thalmann & Co. Inc. are running the books.
Meanwhile, Northern Trust Corp.s $500 million of 4.6% $1,000-par fixed-to-floating rate series D noncumulative preferreds a deal priced Monday were pegged at 99.875 bid, 100.125 offered.
In the secondary space, Vornado Realty Trust said late Monday that it intended to redeem all of its outstanding 6.875% series J cumulative redeemable preferreds (NYSE: VNOPJ).
Come Tuesday, the issue was trading off 87 cents, or 3.32%, at $25.30 in early morning trades.
The redemption will occur on Sept. 1 at par plus accrued dividends.
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