Morning Commentary: Cherry Hill’s inaugural preferred issue hits NYSE; AGNC moves higher

By Stephanie N. Rotondo

Seattle, Aug. 23 – With little news to help move the preferred stock market around, the most notable event in early midweek trading was Cherry Hill Mortgage Investment Corp.’s admittance to the New York Stock Exchange.

The company’s $55 million issue of 8.2% series A cumulative redeemable preferreds listed on the exchange under the ticker symbol “CHMIPrA.”

The paper was trading at $25.25 as of mid-morning.

The Moorestown, N.J.-based real estate investment trust brought its inaugural preferred stock deal to market on Aug. 10.

Morgan Stanley & Co. LLC and RBC Capital Markets LLC ran the books.

Among recently priced issues that have yet to list, AGNC Investment Corp.’s $300 million of 7% series C fixed-to-floating rate cumulative redeemable preferred stock – a deal priced Aug. 15 – were seen firming 3 cents to $25.04 in early dealings.

The issue has a temporary symbol, “AGNNP.”

Morgan Stanley, BofA Merrill Lynch, UBS Securities LLC, J.P. Morgan Securities LLC, RBC Capital Markets and Keefe Bruyette & Woods Inc. were the bookrunners.

And, Ashford Hospitality Trust Inc.’s $85 million of 7.5% series H cumulative preferreds were lower intraday, falling to $24.63 from $24.70 at the open.

That deal came to market on Aug. 16. The issue’s temporary symbol is “AHHSP.”

UBS Securities LLC and Morgan Stanley were the bookrunners.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.