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Midday Commentary: National Retail to tap market, Ladenburg, Bank of America, Qwest active
By Andrea Heisinger
New York, May 22 - A new issue is expected to hit Wednesday's preferred stock market from National Retail Properties, Inc.
The Orlando-based real estate investment trust plans to price $25-par series E cumulative preferred stock, according to a filing with the Securities and Exchange Commission on Wednesday.
Shares will be sold at 1/100th interest.
A trader said at midday that talk was in the 5.75% area. There was a less 15 cents bid on the preferreds, he added.
Proceeds will be used for general corporate purposes, including funding future property acquisitions.
In trading of recent preferred offerings, the new 8% series A cumulative redeemable preferreds from Ladenburg Thalmann Financial Services Inc. were seen trading early Wednesday.
A trader quoted the issue at $24.73 to $24.70. The preferreds were priced at par of $25 on Tuesday.
Bank of America Corp.'s $1 billion issue of 5.2% series U preferreds that sold at par of $1,000 were seen "trading at a premium" on Tuesday, a trader said.
By early Wednesday, they were quoted at "par and a quarter to par and three-eighths," the trader said.
Qwest Corp.'s recent 6.125% issue of $25-par preferreds due 2053 was quoted at $24.95 to par at midday.
The integrated communications company - a unit of Monroe, La.-based CenturyLink, Inc. - sold $750 million of the preferreds on May 14.
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