Merchants Bancorp, Bluerock on tap; Brookfield Property under par; U.S. Bancorp gains

By James McCandless

San Antonio, March 15 – Preferreds generally trended higher on Friday amid rumblings of new deals on tap in the primary market.

Merchants Bancorp said it plans to price a $50 million offering of $25-par series A fixed-to-floating rate non-cumulative perpetual preferred stock.

Bluerock Residential Growth REIT Inc. plans to sell $500 million of 6% redeemable preferred stock and warrants.

On its first trading day, Brookfield Property Partners LP’s new $160 million 6.5% series I class A cumulative redeemable perpetual preferred units ended under par.

The preferreds, trading under the temporary symbol “BRKPF,” were seen closing at $24.80 on volume of about 2.7 million shares.

Elsewhere, U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred shares improved on Friday.

The preferreds (NYSE: USBPrP) picked up 7 cents to close at $25.73 with about 993,000 shares trading.

Insurance name American International Group, Inc.’s recent 5.85% series A non-cumulative perpetual preferreds were also on the rise.

The preferreds (NYSE: AIGPrA) gained 3 cents to close at $25.28 on volume of about 684,000 shares.

Meanwhile, utilities company Southern California Edison, a subsidiary of Edison International, saw its 5.75% fixed-to-floating rate cumulative trust preference securities decline.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.