Preferreds firm as jobs number rises; Star Bulk’s $25-par notes list; American Realty up

By Stephanie N. Rotondo

Phoenix, Nov. 7 – A preferred stock trader said “the jobs number was a little better than expected,” pushing Treasuries higher.

Preferred stocks were also rising, as the Wells Fargo Hybrid and Preferred Securities index closed up 31 basis points.

In a report published Friday, the Labor Department said that employers added 214,000 jobs in October. With that addition, the unemployment rate fell to 5.8%.

Star Bulk Carriers Corp.’s $50 million of 8% $25-par senior notes due 2019 – a deal that priced Oct. 30 – began trading on the Nasdaq Global Select Market on Friday.

The ticker symbol is “SBLKL.”

A trader quoted the issue at $24.56 bid, $24.60 offered. The notes ended the day at $24.58, compared to opening levels of $24.60.

Morgan Stanley & Co. LLC, Stifel Nicolaus & Co. Inc., Jefferies Inc. and Deutsche Bank Securities Inc. were running the books.

American Realty Capital Properties Inc.’s 6.7% series F cumulative redeemable preferreds (Nasdaq; ARCPP) finished the week with a firm tone as it was reported that recently disclosed accounting errors were tied to manager and employee bonuses.

The preferreds closed at $21.75, up 2 cents.

Last week, the real estate investment trust announced that it was under investigation by the Securities and Exchange Commission due to accounting issues discovered in its earnings dating back to 2013.

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