Western Asset Mortgage Capital (WMC) IPO Trades Lower

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The IPO for Western Asset Mortgage Capital Corporation (NYSE: WMC) is open for trading. Shares are trading at $18.40 after pricing 8,000,000 shares of common stock at $20.00 per share, in-line with the expected pricing.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Jefferies & Company, Inc. acted as the joint book runners for the offering.

Western Asset Mortgage Capital Corporation is a REIT that intends to invest primarily in Agency RMBS, which are residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. Government agency (such as GNMA) or a U.S. Government-sponsored entity (such as FNMA or FHLMC).

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