Spark preferreds down; Global Medical REIT up; Fannie and Freddie see high volume

By Abigail W. Adams

Portland, Me., Jan. 24 – After a flurry of new deals that priced last week, the primary market has been much quieter this week.

Global Net Lease, Inc. has yet to price the add-on to its $25-par 7.25% series A perpetual cumulative redeemable preferred stock announced on Monday.

In one deal that did succeed in coming to market, Spark Energy, Inc.’s 8.75% series A fixed-to-floating rate cumulative redeemable perpetual preferreds were down on Wednesday after the Houston, Texas-based retail energy services company priced an add-on after the market close on Tuesday.

Global Medical REIT’s 7.5% perpetual series A cumulative redeemable preferred stock reached par in large gains early in the session. But the $25-par preferreds lost footing and dipped below par as Wednesday’s session progressed, although they were still higher on the day at the market close.

Freddie Mac’s 8.375% non-cumulative perpetual convertible preferred stock and Fannie Mae’s 8.25% series S preferred stock both saw losses in heavy volume trading. Freddie Mac’s 8.375% preferreds saw almost double their average trading volume.

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