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Rexford plans new issue; telecom deal rumored; recent deals trade; GSE court battles eyed
By Stephanie N. Rotondo
Seattle, Aug. 8 – The preferred stock market got the week started with a new issue on Monday.
Rexford Industrial Realty Inc. said it was selling $75 million of series A cumulative redeemable preferreds via BofA Merrill Lynch and Wells Fargo Securities LLC.
Price talk is 6%, a market source said.
A syndicate source said pricing would occur Tuesday morning.
A trader said he hadn’t seen much in the deal, citing the pricing expectations and the facts that the deal is nonrated and is not QDI or DRD eligible.
Looking ahead, the trader said that in addition to the Rexford announcement, there are rumors that a telecom deal is in the works for later in the week.
As for last week’s new issues, Seaspan Corp.’s $225 million of 7.875% series H cumulative redeemable preferreds closed at $24.70, off a nickel.
That issue priced Thursday and freed to trade on Friday.
Medley LLC’s $25 million of 6.875% $25-par notes due 2026 were still not free as of mid-morning, a trader said.
That issue also priced Thursday.
The trader quoted the notes around $24.65.
Legg Mason Global Asset Management’s $500 million of 5.45% $25-par junior subordinated notes due 2056, a deal from Wednesday, were meantime seen at $24.98 bid, par offered.
Away from new issues, a trader said Fannie Mae and Freddie Mac preferreds “popped on expectations that we will see something from the courts tomorrow.”
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