Sotherly Hotels to price baby bonds; preferreds up then down; Wells Fargo down

By Abigail W. Adams

Portland, Me., Feb. 5 – After spending most of last week in the red, the preferreds market showed some positive momentum in early trading Monday but was unable to hold onto those early gains.

After spending much of last week heading lower, preferreds ended Monday in the red as well, in line with the decline of broader equity markets.

The primary market, which was quiet last week with only one baby bond offering pricing, began Monday with a new deal announcement. Sotherly Hotels LP plans to price an offering of three-year fixed-rate $25-par notes.

Several of Wells Fargo & Co.’s preferred stock and depositary shares saw large losses during Monday’s session, as the international banking and financial services company’s common stock also tanked.

The Federal Reserve slapped Wells Fargo with a consent cease and desist order on Friday, capping the growth of its assets until improvements are made.

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