Morning Commentary: Paragon Shipping sets talk; Arbor Realty trades; preferreds see light volumes

By Christine Van Dusen

Atlanta, Aug. 5 – Greece’s Paragon Shipping Inc. set talk for a new issue of baby bonds on a Tuesday morning that saw the new Arbor Realty Trust Inc. reopening get some attention in trading.

Athens-based shipping container services company Paragon set talk in the 8.375% area for an issue of $25-par senior notes due in 2021 in a Securities and Exchange Commission-registered deal, a trader said.

Joint bookrunners are Deutsche Bank Securities and Jefferies LLC. Co-managers are Maxim Group LLC and MLV & Co. LLC.

Meanwhile, the new $35 million reopening of Arbor Realty’s 7.375% $25-par senior notes due 2021 (NYSE: ABRN) that priced on Monday traded at $24.10.

Deutsche Bank Securities Inc., Keefe Bruyette & Woods Inc. and MLV were the joint bookrunning managers. JMP Securities and Ladenburg Thalmann were the co-managers.

In trading of preferred stock on Tuesday morning, RBS Capital Funding Trust VII’s 6.08% non-cumulative guaranteed trust preferred securities moved down 5 cents to $23.80 on volume totaling 63,749.

Aegon NV’s 6.5% perpetual capital securities were seen at $25.25, down 4 cents on 42,136 shares traded.

And Barclays Bank plc’s 6.625% non-cumulative callable dollar preferences shares series 2 ADR traded down 2 cents to $25.37 on just 23,126 shares traded.

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