Bluerock Residential, Eagle Point on tap; National Retail frees; Fannie, Freddie improve

By Stephanie N. Rotondo

Seattle, Oct. 5 – The preferred stock primary market saw two deals added to the calendar on Wednesday, as Bluerock Residential Growth REIT Inc. announced plans to sell series D cumulative preferreds and Eagle Point Credit Co. Inc. said it was offering $25 million of series B term preferreds due 2026.

Price talk on the Bluerock deal is 7%, according to a market source.

A trader saw the issue at $24.68 bid, $24.85 offered in the gray market.

Janney Montgomery Scott LLC, D.A. Davidson & Co. and Oppenheimer & Co. are leading the deal.

Keefe Bruyette & Woods Inc. is the bookrunner. FBR Capital Markets & Co. and Wunderlich Securities Inc. are co-lead managers. MUFG and National Securities Corp. are co-managers.

From Tuesday’s business, National Retail Properties Inc.’s $300 million of 5.2% series F cumulative redeemable preferreds freed to trade as of 10:30 a.m. ET, a source reported.

The securities ended the day at $25.02, according to a market source.

Meanwhile, a trader said Fannie Mae and Freddie Mac preferreds were pushing up on a decision from judge Margaret Sweeney of the Court of Federal Claims that will force the disclosure of some 11,000 government documents – all of which the government had been trying to shield under executive privilege.

“A lot of the GSE preferreds were trading,” a source said, adding that the gains were “overblown.”

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