Star Bulk Carriers prices $25-par notes; Capital One gets temporary symbol; Cowen lists

By Stephanie N. Rotondo

Phoenix, Oct. 30 – The preferred stock market continued to tick higher Thursday.

The Wells Fargo Hybrid and Preferred Securities index closed up 7 basis points.

Star Bulk Carriers Corp. added a deal to the new issue calendar, which came upsized after the market closed.

The company sold $50 million of 8% $25-par notes due 2019. The non-rated offering was originally slated to be $25 million, talked in an 8% to 8.125% range.

Morgan Stanley & Co. LLC, Stifel Nicolaus & Co. Inc., Jefferies Inc. and Deutsche Bank Securities Inc. are leading the deal.

Meanwhile, Capital One Financial Corp.’s $500 million of 6.7% series D fixed-rate noncumulative perpetual preferred stock – a deal from Tuesday’s business – was assigned a temporary reporting symbol, a trader said.

The ticker is “CPFLP.” The preferreds finished the session at $25.20, which compared to opening levels of $25.18.

About 1.5 million of the preferreds changed hands.

In other listing news, Cowen Group Inc.’s $55 million of 8.25% $25-par senior notes due 2019 began trading on the Nasdaq Global Select Market on Thursday.

The deal came Oct. 3. The ticker is “COWNL.”

The notes were seen at par in early trading and ended at $25.13, the day’s high tick.

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