Morning Commentary: GasLog, Weingarten, FelCor, MetLife trade; Banc of California on radar screens

By Christine Van Dusen

Atlanta, April 1 – GasLog Ltd.’s new $100 million issue of 8.75% series A cumulative redeemable perpetual preference shares was spotted on Wednesday morning at $25.10 after trading on Tuesday at $24.80 bid.

The deal priced Monday, upsized from $50 million and at talk, via bookrunners UBS Securities LLC, Morgan Stanley & Co. LLC and Stifel & Co. Credit Suisse Securities (USA) LLC was a joint lead manager.

In other trading of preferreds on Wednesday, Weingarten Realty Investors’ 6.5% cumulative preferred shares, series F, traded up 10 cents to $25.34 on 231,305 shares traded.

FelCor Lodging Trust’s 8% series C cumulative redeemable preferred stock fell 6 cents to $25.55 on 177,900 shares traded.

And MetLife Inc.’s 6.5% non-cumulative preferred stock, series B, dropped 21 cents to $25.95 on 149,052 shares traded.

Investors were also keeping an eye out for the new issue from Irvine, Calif.-based Banc of California Inc., an upsized $100 million issue of preferreds that priced at par to yield 7.375%. Initial price talk was 7 3/8% to 7½%, according to a market source.

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