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Morning Commentary: Public Storage set to free; Eagle Point in the market; Annaly lists on NYSE
By Stephanie N. Rotondo
Seattle, Aug. 1 – Investors were eyeing the preferred stock primary space early Tuesday, waiting for Public Storage’s $300 million of 5.05% series G cumulative preferreds to free from the syndicate.
The market was also waiting for a new baby bond issue from Eagle Point Credit Co. Inc. to price.
For its part, the Public Storage deal was slated to free at 11:15 a.m. ET, according to a market source. At that time, it will begin trading under a temporary ticker, “PBSTP.”
Prior to freeing, traders were quoting the issue at $24.75 bid, $24.80 offered in the gray market.
The deal came Monday, upsized from $100 million. Initial price talk was 5.125% but was later revised to 5.05%.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC ran the books.
Meanwhile, price talk emerged on Eagle Point’s planned $25 million offering of $25-par unsecured notes due 2027, a deal which was announced late Monday.
A market source placed talk around 6.875%.
The issue will be callable after three years.
Oppenheimer & Co. Inc. and National Securities Corp. are acting as lead managers. BB&T Capital Markets and Incapital LLC are co-managers.
Among recently priced deals, Annaly Capital Management Inc.’s $700 million of 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock began trading on the New York Stock Exchange on Tuesday.
The ticker symbol is “NLYPrF.”
The deal priced on July 25, coming tighter than the initial price talk of 7% to 7.125%. The issue was also upsized from $200 million.
Morgan Stanley, J.P. Morgan Securities LLC, UBS Securities, RBC Capital Markets, Citigroup Global Markets Inc. and Keefe Bruyette & Woods Inc. led the deal.
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