Bryn Mawr eyes deal; Vornado holds investor calls, preferreds soft; secondary mixed

By Cristal Cody

Tupelo, Miss., Dec. 8 – Bryn Mawr Bank Corp. on Friday marketed 10-year fixed-to-floating rate subordinated notes.

Also on Friday, Vornado Realty Trust held fixed income investor calls, an informed source said.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Jefferies LLC were the arrangers.

Vornado Realty Trust was in the primary market on Monday with $300 million of $25-par 5.25% split-rated series M cumulative redeemable perpetual preferred stock.

In the secondary market on Friday, Vornado Realty Trust’s 5.25% preferreds remained soft.

Seritage Growth Properties’ $70 million of $25-par 7% series A cumulative redeemable perpetual preferred stock that priced on Thursday was freed to trade over the counter on Friday under the temporary symbol “SRGRP.”

The shares were not seen trading actively over the session.

Seritage, a real estate investment trust formed by Hoffman Estates, Ill.-based Sears Holdings, plans to list the preferreds on the New York Stock Exchange under the ticker symbol “SRGPrA.”

Overall, preferred stocks headed out mixed on Friday.

The Wells Fargo Hybrid and Preferred Securities index dropped 7 basis points.

In its deal, Bryn Mawr Bank is marketing fixed-to-floating rate subordinated notes due 2027 (Kroll: BBB+), according to a 424B5 filing with the Securities and Exchange Commission on Friday.

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