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Morning Commentary: Star Bulk Carriers to price $25-par notes; Capital One gets temporary symbol
By Stephanie N. Rotondo
Phoenix, Oct. 30 – The preferred stock market continued to tick higher Thursday, and a trader noted that Treasuries were also rising following improved unemployment data out of Germany.
The Wells Fargo Hybrid and Preferred Securities index was up 6 basis points at mid-morning.
Star Bulk Carriers Corp. added a deal to the new issue calendar, a $25 million offering of $25-par senior notes due 2019.
The notes are being talked in an 8% to 8.125% range, according to a trader.
Morgan Stanley & Co. LLC, Stifel Nicolaus & Co. Inc., Jefferies Inc. and Deutsche Bank Securities Inc. are leading the deal.
Meanwhile, Capital One Financial Corp.’s $500 million of 6.7% series D fixed-rate noncumulative perpetual preferred stock – a deal from Tuesday’s business – was assigned a temporary reporting symbol, a trader said.
The ticker is “CPFLP.” The trader said the issue was trading at $25.20, but another pegged the stock at $25.05, which compared to opening levels of $25.18.
In other listing news, Cowen Group Inc.’s $63.25 million of 8.25% $25-par senior notes due 2019 began trading on the Nasdaq Global Select Market on Thursday.
The deal came Oct. 3. The ticker is “COWNL.”
The notes were seen at par in early trading.
Away from recent deals, American Realty Capital Properties Inc.’s 6.7% series F cumulative redeemable preferred stock (Nasdaq: ARCPP) continued to lose ground following the company’s announcement on Wednesday that it was being investigated by the Securities and Exchange Commission for accounting irregularities.
The accounting issues resulted in the departure of two top executives.
The preferreds were off 2 cents at mid-morning, trading at $22.10.
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