National Storage prices first preferred issue; Hoegh, Spirit Realty trade up; GSEs firm

By Stephanie N. Rotondo

Seattle, Oct. 3 – The preferred stock new issue market continued to see deals flowing out of the pipeline on Tuesday.

National Storage Affiliates Trust brought a $150 million offering of 6% series A cumulative redeemable preferreds, marking the company’s first entry into the preferred stock arena.

The deal came at the tight end of the 6% to 6.125% price talk.

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

Among other recently priced deals, Hoegh LNG Partners LP’s 8.75% series A cumulative redeemable preferred units were trading actively, adding 45 cents, or 1.8%, to close at $25.50.

The $100 million deal came Sept. 28 at the tight end of the 8.75% to 8.875% price talk.

Morgan Stanley, UBS Securities LLC and Stifel Nicolaus & Co. Inc. ran the books.

The issue has a temporary ticker, “HGLPF.”

Spirit Realty Capital Inc.’s 6% series A cumulative redeemable preferreds were also busy and better.

The preferreds firmed 2 cents to $25.02.

The issue priced Sept. 27 via Morgan Stanley, BofA Merrill Lynch and Wells Fargo. Its temporary ticker is “SPRYP.”

GSE-linked preferreds continued to trade actively on Tuesday.

Freddie Mac’s 8.375% fixed-to-floating rate noncumulative preferreds (OTCBB: FMCKJ) were up a dime, or 1.45%, at $6.83. Fannie Mae’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) were up 9 cents, or 1.3%, at $6.99.

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