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Midday Commentary: No new issuance as week comes to close; Entertainment Properties frees up
By Stephanie N. Rotondo
Phoenix, Oct. 5 - After a busy week of new issuance, no new preferred deals had been announced as of midday on Friday.
Entertainment Properties Trust's new $125 million of 6.625% series F cumulative redeemable perpetual preferred stock, which priced after the bell on Thursday, freed from the syndicate on Friday.
A trader saw the issue offered at $24.70 in the gray market as of midday, the same level it had been at Thursday prior to pricing.
Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets LLC are the joint bookrunning managers. The joint lead managers are Barclays and KeyBanc Capital Markets Inc.
The Kansas City, Mo.-based real estate investment trust will use proceeds to redeem its 7.375% series D cumulative redeemable preferreds for a total redemption price of $115.8 million. Remaining funds will be used for general corporate purposes, including the acquisition, development or financing of properties.
Meanwhile, General Electric Capital Corp.'s $825 million offering of 4.875% $25-par senior notes due 2052, a deal that came Tuesday, traded as high as $25.05 in early trading Friday. A trader said the market was $24.90 bid, par offered at midday.
"They've moved up nicely," he said.
After announcing a $5.13 billion redemption of trust preferreds, some of Bank of America Corp.'s issues were "trading off," according to a trader.
"People are selling them off to raise money," he said.
The 7% capital securities (NYSE: BACPW), for instance, fell 3 cents by midafternoon to $25.22.
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