Preferreds higher despite forex fines; Sotherly Hotels, THL Credit to price $25-par notes

By Stephanie N. Rotondo

Phoenix, Nov. 12 – Preferred stocks were modestly higher Wednesday, even as six banks were fined about $4.3 billion in regards to a foreign-currency exchange rigging probe.

The Wells Fargo Hybrid and Preferred Securities index finished the day up 10 basis points.

Regulators from the United States, Britain and Switzerland levied the fines against Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., UBS AG, Royal Bank of Scotland Group plc and HSBC Holdings plc.

Barclays Bank plc was reportedly not ready for a deal.

Criminal investigations are still ongoing.

Back in the primary space, Sotherly Hotels LP announced an offering of $25-par senior unsecured notes due 2019.

A market source said he had heard there was only one gray market trade for the issue all day, which was at $24.77.

Sandler O’Neill + Partners LP is the bookrunner. Boenning & Scattergood Inc., J.J.B. Hilliard, W.L. Lyons, LLC, Incapital LLC and Ladenburg Thalmann are the co-managers.

The Williamsburg, Va.-based real estate investment trust has applied to list the notes on the Nasdaq Global Market under the ticker symbol “SOHOM.”

THL Credit Inc. also announced an offering of $25-par notes. Those notes are due 2021, and price talk is 6.625% to 6.875%.

Keefe Bruyeete & Woods Inc. and Raymond James & Associates Inc. are the joint bookrunners. BB&T Capital Markets is the lead manager.

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