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Midday Commentary: Webster, Prudential enter primary market; Telephone & Data yet to free
By Stephanie N. Rotondo
Phoenix, Nov. 27 - Preferred stocks were "just sitting still," a trader said at midday on Tuesday.
"I thought we'd see a pop in our market" given the new bailout deal that European lawmakers had agreed to for Greece, the trader said. Alas, that was not the case.
Even two new deals that were announced early in the session were not getting much play, "but they seem to be doing well," the trader remarked.
Webster Financial Corp. announced a sale of series E noncumulative perpetual preferred stock, which is talked around 6.5%.
The issue was at $24.80 bid in the gray market as of midday.
Prudential Financial Inc. is meantime planning a sale of at least $250 million $25-par junior subordinated notes due Dec. 15, 2052.
Price talk is 5.75% to 5.875%, according to a trader.
The notes were quoted at $24.70 bid, $24.75 offered in the gray market.
Of Monday's deals, Telephone & Data Systems Inc.'s $175 million of 5.875% $25-par senior notes due 2061 were pegged at $24.70 bid, $24.85 offered and Entergy New Orleans Inc.'s $30 million of $25-par first mortgage bonds due 2052 were at $24.70 bid, $24.85 offered.
Neither had freed to trade as of midafternoon.
"We'll probably get one more deal before the weekend," a trader said. "The way we're going, we could see two more. Who knows?"
Elsewhere, First Republic Bank's $150 million of 5.625% series C noncumulative perpetual preferreds - a deal that came Nov. 15 - listed on the New York Stock Exchange Tuesday, as was expected.
The ticker symbol is "FRCPC." The shares were hanging around $24.84, down from the previous session's price of $24.90.
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