Why do you think ETP will do a secondary soon given they have completed the SUN buy, the Citrus dropdown from SUG, completed Lonestar, and already funded their projects for about the first 4 months of 2013? ETP also has about $400M coming by August from the Missouri utility sale, $300M for another small gathering system sale, and they will start selling their $1B+ worth of APU units in Q1. I would think they would wait until after their conference for Q1 results so as to have a liklihood of good coverage and a small distribution raise. With a secondary any chance of a raise then evaporates IMO.
On the flip side, ETP is likely if Q4 results look good to issue more cheap debt and start to use it to buy the holdco assets that they want and persume the sale of the rest. Remember ETP ended up with about $5B in SUN assets that it did not want. SXL was the jewel. Most of the rest was just stuff.