Midday Commentary: NorthStar, Stellus list on NYSE; American Capital's new issue not yet free

By Stephanie N. Rotondo

Phoenix, May 16 - Preferred stocks remained on an upward tilt as the week wound down Friday.

The Wells Fargo Hybrid and Preferred Securities index was up 2 basis points as of mid-morning.

In new listings, NorthStar Realty Finance Corp.'s $225 million 8.75% series E perpetual cumulative preferred stock began trading on the New York Stock Exchange on Friday.

The deal came Monday. The ticker symbol is "NRFPE."

A trader gave a quote of $24.80 bid, $24.85 offered for the paper. According to the NYSE, the issue was trading at $24.83 early in the day, up from opening levels of $24.82.

Stellus Capital Investment Corp.'s $25 million issue of 6.5% $25-par notes due 2019 also listed on the NYSE Friday. That issue priced April 29.

The ticker symbol is "SCQ." The notes were quoted at $24.80 bid, par offered.

From Thursday's business, American Capital Mortgage Investment Corp.'s $50 million of 8.125% series A cumulative redeemable preferreds were pegged at $24.60.

A trader noted that the issue had not yet freed as of mid-morning.

In the secondary market, General Growth Properties Inc. said late Thursday that it was declaring a dividend on its 6.375% series A cumulative redeemable preferred stock (NYSE: GGPPA).

The 39.84-cent per share payment will be made on July 1.

The preferreds were up a penny at $24.15.

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