Stifel offers baby bonds; Horizon not yet free but trading over par; new REIT deals mixed

By Stephanie N. Rotondo

Seattle, Sept. 27 – The new issue pipeline continued to flow into the preferred stock market on Wednesday.

Stifel Financial Corp. announced plans to sell $100 million of $25-par senior notes due 2047.

Price talk is 5.25% to 5.375%, a market source reported.

A market source said the issue was trading at $24.99 in the gray market.

The deal was expected to come after Wednesday’s close, but details were still unavailable as of 6 p.m. ET.

Keefe Bruyette & Woods Inc., BofA Merrill Lynch and Morgan Stanley & Co. LLC are running the deal.

As for deals that have priced this week, Horizon Technology Finance Corp.’s $32.5 million of 6.25% $25-par notes due 2022 – a deal priced late Tuesday – ended well above par, according to a source.

“The gray has been active around $25.25,” he said, adding that the paper had not yet freed to trade.

Also from Tuesday’s business, Investors Real Estate Trust’s $100 million of 6.625% series C cumulative redeemable preferreds finished the day at $24.75, unchanged on the day.

The deal priced in the middle of the 6.25% to 6.75% price talk.

The issue freed to trade around midday on Tuesday, getting a temporary ticker of “IRRTP.”

Spirit Realty Capital Inc.’s $150 million of 6% series A cumulative redeemable preferreds – another deal priced Tuesday – freed to trade around midday.

The issue’s temporary ticker is “SPRYP.”

The preferreds finished at par, up 5 cents.

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