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Preferreds start strong; Harvest’s new $25-par notes list; CorEnergy trades around par
By Stephanie N. Rotondo
Phoenix, Jan. 26 – The preferred stock market managed to stay firm Monday, though a trader noted that the space was on the quiet side as people “worried about New York” and a looming snowstorm.
The Wells Fargo Hybrid and Preferred Securities index finished up 7 basis points. The index was up 15 bps at mid-morning.
In the recent deal realm, Harvest Capital Credit Corp.’s $25 million of 7% $25-par notes due 2020 started trading on the Nasdaq Global Market on Monday.
The deal priced Thursday. The ticker symbol is “HCAPL.”
The notes closed at $25.72, up 37 cents from the previous trading day.
A trader quoted the issue at $25.60 bid, $25.75 offered early in the session.
Keefe Bruyette & Woods Inc. and Janney Montgomery Scott LLC were the joint bookrunning managers. JMP Securities LLC and William Blair & Co. LLC were the co-managers.
Meanwhile, CorEnergy Infrastructure Trust Inc.’s $50 million offering of 7.375% series A cumulative redeemable preferred stock received a temporary symbol of “CRGYP.”
A trader pegged that issue at $24.88 bid, $24.95 offered, though another source saw the shares trading above par.
By the end of the day, the preferreds had dropped 13 cents to $24.90.
The securities had traded as high as $25.35.
That deal also came Thursday via Wells Fargo Securities LLC, BofA Merrill Lynch and Stifel Nicolaus & Co. Inc.
As for Bank of America Corp.’s $1 billion of 6.5% series Y noncumulative perpetual preferreds – a deal from Tuesday – a trader said “that should list this week.”
Those shares were trading around par early in the session but came in a nickel by day’s end to $24.95.
The high of the day was $25.50. Over 1.06 million shares changed hands, making it the busiest issue of the day.
BofA Merrill Lynch ran the books on that deal.
Looking forward, a trader said he was “not yet hearing anything” planned in the new issue pipeline.
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