Teekay LNG frees to trade; City Office firms; AmTrust lists; Deutsche Bank weakens again

By Stephanie N. Rotondo

Seattle, Sept. 29 – Preferred stocks were coming in on Thursday, initially trading flat to slightly weaker. However, by the end of the day, the market had fallen off quite seriously.

The Wells Fargo Hybrid and Preferred Securities index closed down 91 basis points. It was down 1 bp at mid-morning.

A trader said he had not heard of any more new deals for the week.

But as for the deals already priced during the week, Teekay LNG Partners LP’s $125 million of 9% series A cumulative redeemable perpetual preferred units freed to trade, according to a market source.

A source saw the issue at $24.65 at the close.

Meanwhile, City Office REIT Inc.’s $100 million of 6.625% series A cumulative redeemable preferreds – a deal priced Tuesday – were also free to trade, a source reported.

The paper ended at $24.95, after being quoted at $24.90 bid, $24.95 offered earlier in the day.

From last week’s business, AmTrust Financial Services Inc.’s $287.5 million of 6.95% series F noncumulative preferred stock was admitted to the New York Stock Exchange on Thursday.

The ticker is “AFSIPF.” The paper closed at $25.24.

Meanwhile, Deutsche Bank AG’s trust preferreds continued their downward descent on Thursday as Bloomberg reported that some hedge funds were cutting exposure to the German bank.

The 7.6% trust preferred securities (NYSE: DTK) lost $1.07, or 4.47%, to end at $22.85. About 3.21 million of the securities changed hands.

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