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Morning Commentary: New issue flow stemmed; Public Storage preferreds free up; Sunstone tops par
By Stephanie N. Rotondo
Seattle, May 11 – After two days of a busy calendar, the preferred stock primary market was quieting down in midweek trading.
“I’m hearing there’s possibly a deal coming this afternoon,” a trader noted, though he had not heard any specific names.
Deals done on Monday and Tuesday seemed to be doing well, however.
A trader said Public Storage’s $200 million of 5.125% series C cumulative preferreds had freed to trade, pegging the issue in a $24.95 to $25.03 context.
The trader also noted that the issue had been assigned a temporary trading symbol, “PBBSP.”
The deal came Tuesday via BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC.
Meanwhile, Sunstone Hotel Investors Inc.’s $75 million offering of 6.45% series F cumulative redeemable preferred stock – a deal priced Tuesday morning – were also seen trading under a temporary symbol, “STNHP.”
A trader saw the preferreds at $25.06 bid in early trading.
Wells Fargo Securities led that deal.
Also from Tuesday morning, DuPont Fabros Technology Inc.’s $175 million of 6.625% series C cumulative redeemable preferreds were quoted at $25.03 bid, $25.10 offered.
Stifel Nicolaus & Co. Inc., Raymond James & Associates Inc., Goldman Sachs & Co. and RBC Capital Markets LLC were the joint bookrunners. Co-managers included Robert W. Baird & Co. Inc., Credit Suisse Securities (USA) LLC, Evercore Group LLC, KeyBanc Capital Markets Inc. and TD Securities (USA) LLC.
And, GATX Corp.’s $150 million of 5.625% $25-par senior notes due 2066 – a deal priced Monday – were pegged at par bid, $25.05 offered.
BofA Merrill Lynch, Morgan Stanley, UBS and Wells Fargo ran the books.
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