Global Net Lease to reopen 7.25% preferreds; Jernigan hits the market; Fannie Mae nosedives

By Abigail W. Adams

Portland, Me., Jan. 22 – There were no new deals that priced in the primary market on Wednesday. However, Global Net Lease, Inc. announced that it is reopening its $25-par perpetual 7.25% series A cumulative redeemable preferred stock.

The preferred stock was issued in September and December of 2017, selling $106.49 million and $28.75 million respectively.

The New York-based real estate investment trust’s series A preferred stock is listed on the New York Stock Exchange under the symbol “GNLPrA.”

The existing preferreds were down by 2 cents, or 0.08%, to $24.76 at market close on Monday.

The secondary market was mixed on Monday. The Wells Fargo Hybrid & Preferred Securities Financial Index was up 15 bps in early trading, but lost steam throughout the session. The Index was up by 6 bps at the market close.

Jernigan Capital, Inc.’s 7% series B cumulative redeemable perpetual preferred stock hit the market Monday after pricing after market close Friday.

The preferred stock was quoted at $24.75 with no bids or offers early in Monday’s session. The preferred stock traded in a range of $24.60 to $24.82 before ending the day at $24.73.

Fannie Mae’s 8.25% series S fixed-to-floating rate non-cumulative preferred stock saw heavy trading volume during Monday’s session.

The series S preferreds were down 43 cents, or 5.45%, to $7.46 at market close.

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