Morning Commentary: Sotherly quoted wide post-pricing; National Storage not yet free; Seaspan up

By Stephanie N. Rotondo

Seattle, Oct. 4 – Recently priced issues were being eyed in the preferred stock market early Wednesday.

Sotherly Hotels Inc.’s $30 million of 7.875% series C cumulative redeemable preferreds – a deal priced late Tuesday – was seen quoted wide in early dealings, with a trader pegging the paper at $24.70 bid, $24.95 offered.

The trader said he was not sure if the deal had freed to trade.

The deal came in the middle of the 7.75% to 8% price talk. It was first announced on Monday.

Sandler O’Neill + Partners LP and Janney Montgomery Scott LLC ran the books.

Also from Tuesday’s business, National Storage Affiliates Trust’s $150 million of 6% series A cumulative redeemable preferreds were seen at $24.88 bid, $24.92 offered at mid-morning.

That issue was also not yet free to trade, according to a trader.

Pricing came at the tight end of the 6% to 6.125% talk.

Wells Fargo Securities LLC, Morgan Stanley & Co. LLC and Jefferies LLC were the joint bookrunners.

And, Seaspan Corp.’s $80 million of 7.125% $25-par notes due 2027 were moving up, trading in a $24.65 to $24.75 context, a trader said.

A market source had placed the notes at $24.55 at Tuesday’s close.

The offering priced on Monday. Initial price talk was 7.125% to 7.25%.

RBC Capital Markets LLC and Stifel Nicolaus & Co. Inc. led the deal.

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