Public Storage frees, trades actively; Eagle Point prices late Annaly lists; Freddie dips

By Stephanie N. Rotondo

Seattle, Aug. 1 – Investors were eyeing the preferred stock primary space early Tuesday, waiting for Public Storage’s $300 million of 5.05% series G cumulative preferreds to free from the syndicate.

Eagle Point Credit Co. Inc. priced $27.5 million of 6.75% notes late in the day.

For its part, the Public Storage deal freed to trade at 11:15 a.m. ET, according to a market source. At that time, it began trading under a temporary ticker, “PBSTP.”

At day’s end, the issue was at $24.75, versus $24.83 at the open.

Prior to freeing, traders were quoting the issue at $24.75 bid, $24.80 offered in the gray market.

Meanwhile, price talk emerged on Eagle Point’s planned $25 million offering of $25-par unsecured notes due 2027, a deal which was announced late Monday.

A market source placed talk around 6.875%.

The deal had not priced as of 6:15 p.m. ET.

The issue will be callable after three years.

Oppenheimer & Co. Inc. and National Securities Corp. are acting as lead managers. BB&T Capital Markets and Incapital LLC are co-managers.

Among recently priced deals, Annaly Capital Management Inc.’s $700 million of 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock began trading on the New York Stock Exchange on Tuesday.

The ticker symbol is “NLYPrF.”

And Freddie Mac’s 8.375% fixed-to-floating rate noncumulative preferreds (OTCBB: FMCKJ) were a touch lower as the GSE reported earnings.

The preferreds fell a nickel to $6.55.

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