Entergy Louisiana lists; Entergy Arkansas rises; Seaspan trades mixed; Fannie, Freddie off

By Stephanie N. Rotondo

Seattle, Aug. 18 – Entergy-linked preferred deals were trading busily – but mixed – on Thursday.

For its part, Entergy Louisiana LLC’s $270 million of 4.875% $25-par collateral trust mortgage bonds due 2066 began trading on the New York Stock Exchange on Thursday, following the listing of Entergy Arkansas Inc.’s $410 million of 4.875% $25-par first mortgage bonds due 2066 (NYSE: EAI) on Wednesday.

The ticker for the Entergy Arkansas bonds is “ELC.” Entergy Louisiana priced Aug. 10, while Entergy Arkansas came Aug. 9.

The Louisiana paper was holding around $24.85, a trader reported. However, the paper came in to trade at $24.71, which was lower than opening levels of $24.79.

The Arkansas issue was meantime initially up 4 cents at $24.93, but closed at $24.89. Still, that was better than the $24.88 seen at the open.

Meanwhile, Seaspan Corp. priced $80 million more of its 8.2% series G cumulative redeemable preferreds (NYSE: SSWPG), adding to the $115 million already outstanding.

The add-on was sold to institutional and other professional investors in Asia.

The preferreds were drifting lower in trading, falling 14 cents to $25.67.

Meanwhile, a trader said he was “seeing some selling pressure” in Fannie Mae and Freddie Mac preferreds on Thursday.

However, he was not sure why the paper was softening.

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