Midday Commentary: Secondary names inch up after end of quarter; Hercules prices add-on

By Stephanie N. Rotondo

Phoenix, July 2 - The secondary preferred stock market was stabilizing Monday after "jumping around because of quarter-end on Friday," a trader said.

According to the trader, many securities were "overbought towards the end of the quarter."

But come Monday, names like Morgan Stanley were moving back up.

For instance, Morgan Stanley's 6.6% capital securities (NYSE: MSZ) were up 61 cents, or 2.54%, at midday to $24.66.

Royal Bank of Scotland Group plc was also on the rise. The 7.25% series T noncumulative dollar preference shares (NYSE: RBSPT) had gained a dime in mid-afternoon trading, trading at $19.75. The 6.6% series S noncumulative dollar preference shares (NYSE: RBSPS) were up 11 cents at $17.84.

In the primary arena, Hercules Technology Growth Capital Inc. announced it had priced a $38.75 million add-on to its 7% notes due April 30, 2019.

The company originally issued $43 million of the notes on April 17.

The issue (NYSE: HGTZ) was up 15 cents by mid-afternoon, though in very thin trading, at $25.50.

© 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.