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Morning Commentary: Teekay Offshore listed on NYSE; Citi, Goldman trading just north of par
By Stephanie N. Rotondo
Phoenix, April 21 – Preferred stocks remained firm early Tuesday as investors kept one eye on the situation in Greece.
The nation’s stocks dropped Tuesday after it was reported that the European Central Bank was putting together contingency plans for both an “orderly” and “disorderly” default by the country. That came on the heels of news that the Greek government was ordering its states to send any cash reserves to its central bank.
The Wells Fargo Hybrid and Preferred Securities index was up 6 basis points at mid-morning.
Teekay Offshore Partners LP’s $125 million of 8.5% series B cumulative redeemable preferred units began trading on the New York Stock Exchange on Tuesday.
The deal came April 13. The ticker symbol is “TOOPB.”
Paper was trading at $24.79 at mid-morning, up from opening levels of $24.72.
Among other recent deals, Citigroup Inc.’s $2 billion of 5.95% series P fixed-to-floating rate noncumulative preferreds were seen at 100.25 bid, 100.5 offered in early trading.
The deal priced Monday. Initial price talk was 6.125%.
Citigroup Global Markets Inc. ran the books.
The dividend will be fixed until May 15, 2025 and will be payable semiannually during that time. After that date, the issue will begin floating at Libor plus 390.5 bps and will be payable quarterly.
Also in the $1,000-par space, the Goldman Sachs Group Inc.’s $2 billion of 5.375% series M fixed-to-floating rate noncumulative preferreds were pegged at 100.5 bid, 100.75 offered.
That issue priced Thursday after the New York-based bank reported earnings. The dividend will be fixed until May 10, 2020, during which time it will be payable on a semiannual basis. After that date, the dividend will float at Libor plus 392.2 bps and will be payable quarterly.
Goldman Sachs & Co. ran the books
And in $25-par land, New York Mortgage Trust Inc.’s $90 million of 7.875% series C cumulative redeemable preferreds were quoted at $24.77 bid, $24.82 offered.
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