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Morning Commentary: Preferred stocks attempt to rebound; Spark frees; New York Community deal eyed
By Stephanie N. Rotondo
Seattle, March 10 – After trending lower all week, preferred stocks were “bouncing a little bit, but not much,” a trader said early Friday.
He said the course reversal came in response to a jobs number that was “in line” with expectations.
The Wells Fargo Hybrid and Preferred Securities index was up 4 basis points at mid-morning. The U.S. iShares Preferred Stock index was up 16 bps.
New York Community Bancorp Inc. finally released details of its planned sale of series A fixed-to-floating rate noncumulative preferreds.
The company first announced the deal on Monday.
On Friday, it was reported that price talk was in the 6.375% area and that $400 million of the preferreds are expected to be sold.
Goldman Sachs & Co., Credit Suisse Securities (USA) LLC and BofA Merrill Lynch are the active joint bookrunners. Passive joint bookrunners include Citigroup Global Markets Inc. and Sandler O’Neill + Partners LP.
Meanwhile, Spark Energy Inc.’s $35 million of 8.75% series A fixed-to-floating rate cumulative redeemable preferreds – a deal priced Wednesday – freed to trade early in the session, according to a trader.
The trader saw the paper offered at $24.75.
The deal came upsized from $30 million and in line with price talk.
RBC Capital Markets LLC and FBC Capital & Co. were the bookrunners.
As for other deals from the week, Two Harbors Investment Corp.’s $125 million of 8.125% series A fixed-to-floating rate cumulative redeemable preferreds were seen at $24.60 bid in early dealings.
That issue came Tuesday, upsized from $75 million and at the tight end of the 8.125% to 8.25% price talk.
Morgan Stanley & Co. LLC, UBS Securities LLC and Keefe Bruyette & Woods Inc. ran the books.
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