Costamare’s series E preferreds free to trade; secondary market ends week in the red

By Abigail W. Adams

Portland, Me., Jan. 26 – Costamare, Inc.’s recently priced $25-par perpetual 8.875% series E cumulative redeemable preferreds freed for OTC trading on Friday. The notes priced after the market close Thursday with Costamare selling $115 million, or 4.6 million shares.

While Costamare’s preferreds entered the secondary market, the overall market was down, ending the week with a session in the red. Wells Fargo Hybrid & Preferred Securities Financial Index ended Friday down by 32 basis points.

The U.S. iShares Preferred Stock ETF was down 0.18%.

Two Harbors Investment Corp.’s series A and series B preferreds lost footing in Friday’s session. While off to a rocky start, the preferreds regained some ground although both still ended the day below Thursday’s close.

Colony NorthStar Inc.’s series J and series I preferreds followed a similar story. Both saw a large decrease in the morning but regained footing while still ending the day in negative territory.

Costamare’s series E

Costamare’s recently priced 8.875% series E preferreds freed for OTC trading Friday under the ticker “CTMMF.”

The notes saw heavy trading volume and were trading in a range of $24.60 to $24.95 before ending the day at $24.90.

Costamare sold $115 million, or 4.6 million shares, in perpetual 8.875% series E cumulative redeemable preferreds after the market close on Thursday at par of $25.00.

The Konstantakopoulos family, majority shareholders of the Monaco-based owner of containerships for charter in the shipping industry, planned to purchase $7.5 million of the series E preferred stock at the public offering price.

The preferreds will be listed for trade on the New York Stock Exchange under the symbol “CMREPrE.”

Up but still down

Two Harbors series A and series B preferred stock were looking at large losses early in Friday’s session, but rebounded while still ending the day below their starting level.

Two Harbors 8.125% series A cumulative redeemable preferred stock was down 40 cents, or 1.53%, to $25.93 early in Friday’s session. The preferreds ended Friday at $26.05, a decrease of 28 cents, or 1.06%.

Two Harbors 7.625% series B cumulative redeemable preferred stock was down 26 cents, or 1.01%, to $24.98 early in Friday’s session. The preferreds rallied somewhat and ended the day at $25.20, a decrease of 3 cents, or 0.14%.

Colony NorthStar’s series J and series I preferreds followed a similar trajectory.

Colony NorthStar’s perpetual 7.125% series J cumulative redeemable preferred stock was down 35 cents, or 1.49%, to $23.40 in early trading Friday. The preferreds ended Friday at $23.58, a decrease of 17 cents, or 0.72%.

Colony NorthStar’s perpetual 7.15% series I preferred stock was down 32 cents, or 1.35% to $23.67 in early trading Friday. The preferreds ended the session at $23.82, a decrease of 9 cents, or 0.36%.

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