Morning Commentary: BofI prices $45 million of 6.25% notes; Digital Realty, Colony in focus

By Rebecca Melvin

New York, Feb. 26 – The preferred stock market was seeing subdued action early Friday. BofI Holding Inc. priced $45 million of 6.25% $25-par subordinated notes, and a market seen in those notes was pretty wide at $24.40 to $24.70.

There were no prints yet seen in the new BofI notes, a market source said.

The BofI common shares were trading higher and were last seen up by 62 cents, or 3.5%, at $18.84.

Digital Realty Trust Inc. and Colony Capital Inc. were in focus on the back of “decent” earnings reports, a market source said. Both of those issues were bouncing a little bit, although there was not too much movement, he said.

The Colony preferred was quoted at $19.80.

“All REITs have been smashed and are getting some footing. The Colony strength should attract some people reaching for yield,” the source said.

Pricing was unchanged in the trade of W.R. Berkley Corp.’s newer 5.9% $25-par subordinated debentures due 2056 and eBay Inc.’s 6%, $25-par notes due Feb. 1, 2056. Both were seen at $24.80 in trade.

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