Liquidity limited; First Republic Bank, CIT preferreds free to trade; B. Riley notes list

By Stephanie N. Rotondo

Seattle, June 1 – The preferred stock market began the new month a little hesitant, due in part to desks being empty.

In addition to it being a shortened holiday week for Memorial Day, Wednesday marked the beginning of the Jewish holiday Shavuot. Given the holidays, some market players opted to take the whole week off, market sources reported.

The new issue space – which had been trying to push out paper earlier in the week – also took a break.

As for the week’s deals, First Republic Bank’s $200 million of 5.125% series H noncumulative preferreds – a deal priced Wednesday – were seen ending at $25.04.

The paper was pegged at $24.95 bid, par offered in early dealings.

A trader noted that the issue had freed from the syndicate.

CIT Group Inc.’s $325 million of 5.8% $1,000-par series A fixed-to-floating rate noncumulative preferreds also freed to trade after pricing Wednesday.

The paper was “trading really strong,” according to one trader, who saw the preferreds in a 102 to 102.125 context.

Another source placed the paper at 102 bid.

Meanwhile, B. Riley Financial Inc.’s $60,375,000 of 7.5% $25-par senior notes due 2027 were admitted to the Nasdaq Global Select Market on Thursday under the ticker symbol “RILYZ.”

The notes ended at $25.21, which compared to $24.90 at the open.

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