Holiday weighs on preferred stock activity; Citigroup, American Financial deals steady

By Stephanie N. Rotondo

Seattle, Nov. 11 – The Veterans Day preferred stock market was quiet but firm on Wednesday.

“There’s really nothing happening,” a trader said early in the session.

However, the Wells Fargo Hybrid and Preferred Securities index experienced a steady climb throughout the day. The index traded as up as much as 32 basis points toward the end of the day. The index was up 6 bps at mid-morning.

As for recent deals, a trader said he was seeing few markets for Citigroup Inc.’s 6.125% $1,000-par series R fixed-to-floating rate noncumulative perpetual preferred stock but saw American Financial Group Inc.’s 6% $25-par subordinated debentures due 2055 trading around par.

The trader pegged Citigroup at 100.25 and American Financial at $25.02 bid, $25.05 offered.

Citigroup came Thursday via Citigroup Global Markets Inc.

American Financial priced Monday through BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC.

The latter deal freed to trade Tuesday, according to a trader.

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