Annaly Capital Management Down Nearly 2% On Secondary Offering

Annaly Capital Management, Inc. NLY are seeing tremendous volume today, as the company announced it would be doing a $2.1 billion secondary offering, selling 100 million shares. The real estate investment trust said that it will use the proceeds from the offering for general corporate purposes, which includes continuing to invest in the company's primary business, mortgage-backed securities. Credit Suisse is leading the offering, while Bank of America Merrill Lynch, Morgan Stanley, UBS Investment Bank and RCap Securities Inc. are joint running the offering. At last check, shares were off 27 cents to $18.05, a loss of 1.47% on 97 million shares. The average daily volume is just over 12 million shares.