Ally preferreds active, higher as company considers asset sales; Regency lists on NYSE, firms

By Stephanie N. Rotondo

Portland, Ore., Feb. 17 -Ally Financial Inc. was dominating trading in an otherwise lackluster day, a trader reported Friday. He attributed the activity in the name to hopes that Greece would soon be inking a second bailout agreement.

The company was also in the news. Media outlets reported that the company is considering making asset sales and nixing an initial public offering as it seeks to raise cash.

Meanwhile, Regency Centers Corp.'s recent issue of 6.625% series 6 cumulative redeemable perpetual preferred stock officially listed on the New York Stock Exchange. And the company's 7.25% series 4 cumulative redeemable preferreds were trading actively, but flat, ahead of their March 31 redemption.

National Retail Properties Inc.'s latest deal was "holding up," a trader said, continuing to trade around par.

Ally busy as sales considered

Ally Financial's preferreds were active and higher in Friday trading.

The 8.5% trust preferreds (NYSE: ALLYPA) gained 45 cents, or 1.96%, to end at $23.37, while the 8.125% fixed-to-floating series A preferreds (NYSE: ALLYPB) moved up 32 cents, or 1.47%, to $22.05.

According to a Reuters report, the Detroit-based financial services firm is considering selling all or part of its auto lending and banking units to raise cash in an effort to pay back the Treasury.

The government holds a 73.8% stake in the business and is owed about $17 billion.

The article also noted that plans for an IPO might remain on hold due to market conditions, although it is still an option being considered.

As previously reported, Ally is already looking for buyers for its money-losing Residential Capital LLC unit.

Regency lists on NYSE

A trader said Regency Centers' $250 million issue of 6.625% series 6 cumulative redeemable perpetual preferred stock officially listed on the NYSE Friday.

The symbol is "REGPF." The deal priced Feb. 7.

The issue closed up 3 cents at $25.02.

Meanwhile, the company's 7.25% series 4 cumulative redeemable preferreds (NYSE: REGPD) - an issue that will be redeemed with proceeds from the new issue - were active but flat at $25.39.

Regency is a Jacksonville, Fla.-based real estate investment trust.

National Retail hangs at par

National Retail Properties' $250 million issue of 6.625% $25-par series D cumulative redeemable preferred stock "got a new symbol," a trader said Friday.

He said the new ticker is "NNNLL" but noted that the deal had yet to list on an exchange.

The upsized deal priced Wednesday at the low end of price talk.

He saw the issue trading at $24.96, "so it's holding up."

Another trader said the deal was trading around par.

National Retail is an Orlando, Fla.-based REIT focused primarily on high-quality retail properties.

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