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Morning Commentary: New issue calendar building up; PS Business, Global Medical in the market
By Stephanie N. Rotondo
Seattle, Sept. 12 – The preferred stock new issue calendar continued to build up early Tuesday, with three new deals getting added to the tape.
That was in addition to the two deals announced on Monday that had not yet priced as of mid-morning.
PS Business Parks Inc. announced a $100 million offering of series X cumulative preferreds on Tuesday.
Price talk is 5.25% to 5.375%, according to a market source.
BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are running the books.
Also in the real estate investment trust space, Global Medical REIT Inc. said it was offering its first preferred issue via a sale of series A cumulative redeemable preferred shares.
Price talk is 7.5%, a source reported.
FBR Capital Markets and Janney Montgomery Scott LLC are the joint bookrunners.
And, Great Elm Capital Corp. plans to price up to $40.25 million of $25-par notes due 2022, with price talk around 6.5%.
Janney Montgomery Scott, Ladenburg Thalmann & Co. Inc., Oppenheimer & Co. and William Blair & Co. are leading the baby bond offering.
The market was also waiting for deals announced Monday to price.
EnLink Midstream Partners LP announced a new issue on Monday, an offering of $25-par series C fixed-to-floating rate cumulative redeemable preferred units.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo are running the deal.
General Motors Financial Co. Inc. is also slated to bring a deal, a sale of $1,000-par series A fixed-to-floating rate cumulative preferreds.
BofA Merrill Lynch, Morgan Stanley, RBC Capital Markets LLC and Wells Fargo are the joint bookrunners.
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