First Republic Bank, DDR get temporary tickers; Public Storage, Colony NorthStar firm

By Stephanie N. Rotondo

Seattle, June 2 – Trading in the preferred stock arena continued to center on recently priced deals, market sources reported on Friday.

Among deals priced this week, First Republic Bank’s $200 million of 5.125% series H noncumulative preferreds – a deal priced Wednesday – were trading under a temporary ticker, “FTPPP.”

The issue finished the day at $25.02, which was a loss of 2 cents. The preferreds were at $24.99 in early dealings, which was off a nickel from the previous day but down only a penny from the open.

The issue topped the charts, with over 709,000 of the shares changing hands.

Also from Wednesday’s session, CIT Group Inc.’s $325 million of 5.8% $1,000-par series A fixed-to-floating rate noncumulative preferreds were holding in a 102 to 102.5 context, according to a trader.

DDR Corp.’s $175 million of 6.375% class A cumulative redeemable preferred shares were meantime seen at $25.25, a gain of 21 cents.

DDR – which priced Tuesday – also received a temporary trading symbol, “DDRP.”

From the previous week’s business, Public Storage’s $250 million of 5.15% series F cumulative preferreds were trading at $24.95, up 25 cents, or 1.01%.

Almost 279,000 of the preferreds were traded.

That issue came May 23. Its temporary ticker is “PBSPP.”

And, Colony NorthStar Inc.’s 7.15% series I cumulative redeemable preferred stock edged up 7 cents, closing at $25.02.

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