Midday Commentary: BCG's new deal expected to price today; Corporate Office paper hits par

By Stephanie N. Rotondo

Phoenix, June 21 - A preferred stock trader said that BCG Partners Inc.'s planned new issue of $25-par senior notes due June 2042 was expected to price today. The new issue was first announced Wednesday, and at least $50 million of the notes are expected to be sold.

The trader saw paper "locked" at $24.62 in the gray market at midday.

Meanwhile, Corporate Office Properties Trust's $150 million offering of 7.375% series L cumulative perpetual preferred shares was already trading at par, according to the trader.

The deal priced Wednesday.

Recently redeemed issues from banks like KeyCorp and BB&T Corp. were dominating secondary market activity.

KeyCorp's 8% enhanced trust preferred securities (NYSE: KEYPF) were moving up slightly, trading around $25.13 at midday. BB&T's 8.95% enhanced TRUPs (NYSE: BBTPA) slipped 2 cents to $25.20, while the 9.6% enhanced TRUPs (NYSE: BBTPB) were seen around $25.48.

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