Morning Commentary: Preferred trading muted in holiday session; Teekay lists on NYSE

By Stephanie N. Rotondo

Seattle, Oct. 10 – The Columbus Day holiday was weighing on liquidity in the preferred stock market on Monday.

“The bond market is closed so it’s pretty quiet,” a trader said.

There was also little news to move the space, though it was announced that Teekay LNG Partners LP’s $125 million of 9% series A cumulative redeemable perpetual preferred units listed on the New York Stock Exchange on Monday.

The ticker symbol is “TGPPA.” The deal came Sept. 28, in line with price talk.

A trader said there was “lots of stock offered” around par early in the session.

As for deals from the previous week, Public Storage’s $350 million of 4.9% series E cumulative preferreds were seen at $24.80.

The issue priced on Oct. 6.

Also from Oct. 6, Chimera Investment Corp.’s $135 million of 8% series A cumulative redeemable preferreds were pegged “around $24.83.”

Bluerock Residential Growth REIT Inc.’s $67.5 million of 7.125% series D cumulative preferreds – a deal priced on Oct. 5 – was meantime trading at $24.80 at mid-morning.

And, National Retail Properties Inc.’s $300 million of 5.2% series F cumulative redeemable preferred were trading at $24.95.

The preferreds priced on Oct. 4.

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