Midday Commentary: GE Capital announces $25-par notes offering; Capstead preferreds free up

By Stephanie N. Rotondo

Phoenix, May 9 - The primary preferred stock market saw a new deal announced from General Electric Capital Corp. Thursday.

The Norwalk, Conn.-based company said it would offer $25-par 40-year senior notes, with initial price talk at 4.75% to 4.875%.

"They might adjust it down or even bring it at 4.7%," a trader said, seeing paper trade in the midday gray market at $24.85.

Meanwhile, Capstead Mortgage Corp.'s $150 million of 7.5% series E cumulative redeemable preferreds freed from the syndicate on Tuesday.

The deal priced Wednesday.

A trader pegged the preferreds at $24.90 bid.

Away from new deals, a trader said the secondary market was "quiet with the exception of Fannie Mae and Freddie Mac."

Fannie reported yet another record profit on Thursday, following Freddie's own earnings release on Wednesday.

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