Digital Realty, Global Indemnity deals list; oil names rebound with increase in oil prices

By Stephanie N. Rotondo

Phoenix, Aug. 28 – It was a “mixed bag in preferreds,” a trader said of Friday trading.

“[Treasury] bonds are up slightly, equities are down slightly,” said. “It’s like ‘so what, who cares?’”

The Wells Fargo Hybrid and Preferred Securities index ended up 23 basis points. Earlier in the session, the index was up 11 bps.

As was expected, Digital Realty Trust Inc.’s $250 million of 6.35% series I cumulative redeemable perpetual preferred stock – a deal from Aug. 13 – listed on the New York Stock Exchange on Friday.

The ticker symbol is “DLRPI.”

The preferreds were trading at $24.62 early in the day versus opening levels of $24.68. However, the paper eventually moved up to $24.72.

Global Indemnity plc’s $100 million of 7.75% $25-par subordinated notes due 2045 also listed, hitting the Nasdaq Global Select Market under the ticker symbol “GBLIZ.”

The notes were trading at $24.60, unchanged from the open. There were a wide range of trades, however, between $24 and the closing price.

Away from new listings, a trader said that “oil guys are getting a little bounce back” as crude oil prices recovered from the week’s lows.

Breitburn Energy Partners LP’s 8.25% series A cumulative redeemable perpetual preferred units (Nasdaq: BBEPP) were up 87 cents, or 6.35%, trading at $14.57.

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