Midday Commentary: MFA Financial to price new issue; Goodrich Petroleum's 10% preferreds free up

By Stephanie N. Rotondo

Phoenix, April 8 - New preferred issues were staring to come out as the week began, though they were not necessarily the deals that market players were expecting.

"I thought we were going to see a bank deal today, but that's not happening," a trader said.

Instead, MFA Financial Inc. announced an offering of series B cumulative redeemable preferreds. Proceeds from the offering will be used for general corporate purposes, including a redemption of the 8.5% series A cumulative redeemable preferreds, the company said in a regulatory filing.

At midday, a trader saw the new series Bs offered at $24.62. The series As (NYSE: MFAPA) were down 59 cents, or 2.26%, to $25.59.

Meanwhile, Goodrich Petroleum Corp.'s newly priced 10% series C cumulative preferreds - a deal that priced Thursday - were quoted at $24.75 bid, $24.77 offered.

The issue freed to trade early in Monday's session.

In new listings, Main Street Capital Corp.'s $80 million of 6.125% $25-par notes due 2023 listed on the New York Stock Exchange under the ticker symbol "MSCA." Kayne Anderson MLP's $110 million of 3.5% series F mandatory redeemable preferreds were also admitted for trading, under the symbol "KYNPF."

Main Street's notes were trading at $24.95, versus opening levels of par, at midday. Kayne's securities were at $24.98, compared to an opening price of $25.20.

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