Morning Commentary: Recent preferred deals in focus; Ashford issue hits NYSE, Bluerock up next

By Stephanie N. Rotondo

Seattle, July 19 – The preferred stock market was modestly higher in early Tuesday trading.

The Wells Fargo Hybrid and Preferred Securities index was up 4 basis points at mid-morning.

A trader commented that liquidity remained on the thin side.

“I thought we would see a [new] deal today, but nothing yet,” he said.

As for recently priced deals, Public Storage’s $300 million of 4.95% series D cumulative preferreds – priced July 13 – were “about the same,” trading around $24.90, a trader said.

Stifel Financial Corp.’s $150 million of 6.25% series A noncumulative perpetual preferreds were meantime seen at $25.95 bid, recovering the nickel lost in the previous session.

That issue came July 11.

From July 12 business, Dominion Resources Inc.’s $800 million of 2016 series A $25-par junior enhanced subordinated notes due 2076 were pegged at $24.90 bid, $24.97 offered.

Also from July 12 business, a trader said Bluerock Residential Growth REIT Inc.’s $50 million of 7.625% series C cumulative redeemable preferreds would list on the New York Stock Exchange on Wednesday.

The ticker will be “BRGPC.”

Ashford Hospitality Trust Inc.’s $120 million of 7.375% series F cumulative preferreds meantime hit the NYSE on Tuesday under the ticker symbol “AHTPF.”

That deal came July 6, upsized from $75 million.

The preferreds were trading around par early in the day.

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