Week’s new issues trade well, bucking day’s downward trend; Kimco’s recent deal lists

By Stephanie N. Rotondo

Seattle, Aug. 17 – New preferred stock issues priced over the last few sessions continued to dominate trading on Thursday.

Additionally, the recently priced issues were gaining strength, even as the secondary space was in retreat.

Ashford Hospitality Trust Inc.’s $85 million of 7.5% series H cumulative preferreds were seen ending the day at $24.80, a gain of 22 cents.

That compared to quotes of $24.68 bid, $24.75 offered at mid-morning.

Over 1.56 million of the preferreds changed hands during the session.

The issue freed to trade around midday, getting a temporary ticker symbol of “AHHSP.”

The company brought the issue on Wednesday. Initial price talk was in a range of 7.5% to 7.625%.

The deal came upsized from $50 million

UBS Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners.

Cedar Realty Trust Inc.’s $75 million of 6.5% series C cumulative redeemable preferreds – another deal priced Wednesday – were meantime deemed unchanged at $24.85, on about 782,000 shares traded.

The preferreds were pegged at $24.83 bid, $24.90 offered earlier in the day.

Like Ashford, the paper freed from the syndicate. The temporary ticker is “CDRYP.”

As for deals from earlier in the month, Kimco Realty Corp.’s $225 million of 5.125% class L cumulative redeemable preferred stock listed on the New York Stock Exchange on Thursday.

The ticker symbol is “KIMPrL.”

The preferreds finished the day at $24.80, up a dime.

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