Morning Commentary: Recent deals from Stifel, Bluerock, Public Storage hit NYSE; calendar eyed

By Stephanie N. Rotondo

Seattle, July 21 – Recently priced preferred stock issues were getting cleaned up Thursday, as several began trading on the New York Stock Exchange.

Stifel Financial Corp.’s $150 million of 6.25% series A noncumulative perpetual preferred stock was one such issue. It started trading under the ticker “SFPA.”

That deal came July 11.

The paper was trading at $26.24 at mid-morning, down from opening levels of $26.50.

Bluerock Residential Growth REIT Inc.’s $50 million of 7.625% series C cumulative redeemable preferred stock – a deal from July 12 – was another deal to hit the NYSE.

The ticker is “BRGPC.” Those preferreds were seen at $25.84 in early trading, down from $25.89 at the open.

From July 13 business, Public Storage’s $300 million of 4.95% series D cumulative preferred shares began trading under the ticker “PSAPD.” Those preferreds were continuing to hang around the $24.95 mark, a trader said.

While recent deals were listing, the new issue pipeline quieted down again after pushing out a $650 million offering of 5.3% $1,000-par series O fixed-to-floating rate noncumulative preferreds from the Goldman Sachs Group Inc. on Wednesday.

But a trader said there could be more to come.

“I hear there might be a deal on Monday,” he said.

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