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Morning Commentary: New issues in focus; SoCal Edison, Digital Realty decline; Capital One firms
By Stephanie N. Rotondo
Phoenix, Aug. 21 – Preferred stock investors remained zeroed in on recently priced deals in early Friday trading.
Some issues, such as Southern California Edison Co.’s SCE Trust IV’s $325 million of 5.375% fixed-to-floating rate trust preference securities – a deal that priced Monday – were drifting lower with the markets.
The preferreds were off 15 cents at mid-morning, trading at $25.35.
However, Capital One Financial Corp.’s $500 million of 6.2% fixed-rate series F noncumulative preferreds – another deal from Monday – were up a penny at $24.95.
A trader said he saw the issue offered at $24.94.
Digital Realty Trust Inc.’s $250 million of 6.25% series I cumulative redeemable preferreds were also weakening in early trading, with a trader quoting the issue at $24.75 bid, $24.80 offered.
That was off about 15 cents.
The deal priced Aug. 13.
As for the coming week, a trader said he didn’t think there would be “any deals next week.” However, he added that he “heard there’s a big deal coming the week before Labor Day.”
Additionally, chatter was that the pipeline was building up for a busy primary market in September.
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