Colony NorthStar flattens heading into long weekend; Public Storage, B. Riley improve

By Colin Hanner

Chicago, May 26 – The afternoon session was even quieter in the preferred stock market on Friday as investors took to breaking early for the three-day Memorial Day weekend, market sources said.

“There’s not much going on,” a market source said, who, along with others, departed before the closing bell.

The Wells Fargo Hybrid and Preferred Securities index was up 12 basis points, while the U.S. iShares Preferred Stock ETF was up 23 bps.

In the new deal space, Los Angeles-based real estate and investment management firm Colony NorthStar Inc.’s $300 million of 7.15% series I cumulative redeemable preferred stock, trading under the temporary ticker “CLNYP,” was flat at $24.95 after being up 5 cents at mid-morning.

Elsewhere in recent issues, Public Storage’s $250 million of 5.15% series F cumulative preferreds were quoted at $24.75 bid, $24.80 offered. The notes were quoted at $24.75 at mid-morning.

And B. Riley Financial Inc.’s $52.5 million of 7.5% $25-par notes due 2027 were quoted at $24.75 bid, $24.85 offered, a market source said, a 5-cent gain since mid-morning.

In the secondary space, government-sponsored enterprises were among the most liquid issues on the session.

Fannie Mae’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) were up 8 cents, or 1.25%, to $6.56, climbing to their highest peak of the week. Between Monday and Tuesday, the issue was down more than 9% on the back of uncertainty raised by FTN strategist Jim Vogel, who questioned what the long-term sustainability would be if a tax cut were to affect the Federal Housing Finance Agency.

And Freddie Mac’s 8.375% fixed-to-floating rate noncumulative preferreds (OTCBB: FMCKJ) were flat at $6.25, though, with nearly 500,000 shares trading hands, was the most active GSE on the session.

Capitala Finance Corp.’s $70 million of 6% $25-par notes due 2022 (Nasdaq: CPTAL), which listed on the Nasdaq Global Select Market on Tuesday, were down 6 cents, or 0.24%, to $25.24.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.