Morning Commentary: Kimco Realty markets series M deal; preferred stocks mixed; Vornado slips

By Cristal Cody

Tupelo, Miss., Dec. 11 – Kimco Realty Corp. announced on Monday an offering of series M cumulative redeemable preferred stock.

Deal action has been steady over the past few weeks with several preferred offerings brought to the primary market.

Preferred stocks opened the week mixed.

The Wells Fargo Hybrid and Preferred Securities index was unchanged.

The U.S. iShares Preferred Stock ETF was down 6 basis points over the morning.

Vornado Realty Trust’s new 5.25% split-rated series M cumulative redeemable perpetual preferred stock traded 5 cents weaker early Monday at $24.77.

The preferreds were quoted on Friday at $24.76 bid, $24.82 offered in the secondary market.

Vornado Realty Trust sold $300 million of the $25-par preferreds (Baa3/BBB-/BB+) on Dec. 4.

The preferred stock is trading over the counter under the temporary symbol “VNNDP.”

Vornado is an equity real estate investment trust based in New York.

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