E*Trade’s $1,000-pars above par post-pricing; Entergy Arkansas, Medley list; Qwest gains

By Stephanie N. Rotondo

Seattle, Aug. 17 – The preferred stock market remained focused on recently priced deals in midweek trading.

E*Trade Financial Corp. sold $400 million of 5.875% $1,000-par series A fixed-to-floating rate noncumulative preferred stock, the details of which came out late Tuesday.

The paper remained around the 101 mark throughout the day, a trader said.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC ran the books.

Dividends will be fixed and payable on a semiannual basis until Sept. 15, 2026. After that, the preferreds will float at Libor plus 443.5 basis points and will be paid on a quarterly basis.

Meanwhile, more recent deals were listing on the New York Stock Exchange, including Entergy Arkansas Inc.’s $410 million of 4.875% $25-par first mortgage bonds due Sept. 1, 2066.

The ticker symbol is “EAI,” a market source reported. The issue closed at $24.89, up 4 cents.

Medley LLC’s $25 million of 6.875% $25-par unsecured notes due Aug. 15, 2026 was another deal to hit the NYSE on Wednesday, under the ticker “MDLX.” The notes finished at $24.16, down 34 cents.

Meanwhile, Qwest Corp.’s 6.5% $25-par senior notes due Sept. 1, 2056 was active.

“That’s moving up nicely,” a trader said of the issue, seeing the paper move up to $25.47 from earlier levels around $25.40.

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