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Preferreds continue to firm; VantageSouth planning new issue to repay TARP; Goodrich lists
By Stephanie N. Rotondo
Phoenix, Aug. 21 - Preferred stocks continued to be better Wednesday after a "strong performance" on Tuesday, a trader said.
"The long bond is down a little bit, but preferreds are having a little bit of a second-day bounce," he said.
The trader added that he expected the market to sell off on the back of housing numbers - existing home sales rose 6.5% in July - "which it did," he said. But then things rebounded and continued to firm.
However, by the end of the day, the market had traded back down to essentially flat, according to a market source.
Volume continued to be modest, he added.
Late Tuesday, VantageSouth Bancshares Inc. filed an S-1 with the Securities and Exchange Commission registering up to $50 million of new fixed-to-floating rate noncumulative perpetual preferreds.
The company said it will use proceeds from the sale to buy back TARP preferreds and warrants.
But sources had heard very little about the deal come Wednesday, and no markets or price talk emerged.
Meanwhile, Goodrich Petroleum Corp.'s $120 million of 9.75% series D cumulative preferreds - a deal that priced Aug. 14 - listed on the New York Stock Exchange on Wednesday.
The ticker symbol is "GDPPD." The preferreds were trading at $24.89 at midday, up 9 cents from the previous day.
At the close, the issue was at $24.95, up 15 cents.
Of other recently listed issues, Integrys Energy Group Inc.'s $400 million of 6% junior subordinated notes due 2073 (NYSE: IEH) were dominating trading during the midweek session.
The issue - which priced Aug. 12 and listed on Monday - hasn't fared all that well since pricing, falling all the way down to trade with a $23-handle. But Wednesday saw a bit of a rebound in the paper, as it finished up to over $24.
The notes put on 21 cents, ending at $24.16.
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