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Morning Commentary: NuStar’s new preferred units free to trade; Qwest notes get temporary ticker
By Stephanie N. Rotondo
Seattle, April 26 – Preferred stock investors continued to eye recently priced issues in midweek trading.
NuStar Energy LP’s $350 million of 7.625% series B fixed-to-floating rate cumulative redeemable preferred units – a deal priced Tuesday – had already freed to trade by mid-morning on Wednesday, according to a trader.
He also said that the paper had been assigned a temporary ticker symbol,” NUSRP.”
The trader said the units were trading “around $25.25, in decent size.”
The deal came upsized from $150 million. Initial price talk was 7.875% but was later revised to 7.625% to 7.75%.
Meanwhile, Qwest Corp.’s $575 million of 6.75% $25-par notes due 2057 – a deal priced April 18 – also got a temporary ticker, a trader reported.
The symbol is “CTDD.”
The notes were seen trading at $24.85 in early dealings.
As was expected, American Homes 4 Rent’s $150 million of 5.875% series F cumulative redeemable preferreds listed on the New York Stock Exchange, under the ticker “AMHPrF.”
That issue was trading at $24.60 at mid-morning, which compared to $24.72 at the open.
The deal came April 19.
And, rounding out the recent issues, Wells Fargo & Co.’s $600 million of 5.625% $25-par series Y class A noncumulative perpetual preferred stock (NYSE: WFCPrY) was once again the most actively traded securities of the session thus far.
After falling below par in the previous session, the preferreds were regaining ground, rising 6 cents to $25.01.
That issue priced April 17, coming upsized from $250 million. Price talk was 5.875%.
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