Preferreds start week in the red; recent deals trade down; Southern California Edison trades up

By Abigail W. Adams

Portland, Me., Jan. 29 – Preferreds began the week as they ended the last one – in the red with both the Wells Fargo Hybrid & Preferred Securities Financial Index and the U.S. iShares Preferred Stock ETF down.

The Wells Fargo Hybrid & Preferred Securities Financial Index was down 66 basis points at market close Monday, after closing last Friday down by 32 basis points.

The U.S. iShares Preferred Stock ETF was down 0.84% on Monday.

Last week’s deals moved in synch with the broader markets.

Costamare, Inc.’s recently priced 8.875% series E cumulative redeemable preferreds and Spark Energy, Inc.’s 8.75% series A fixed-to-floating rate cumulative redeemable preferreds also both ended the day on a down note.

Costamare’s new preferreds deal and Spark Energy’s add-on were the only deals to price last week. The primary market remained quiet on Monday with no new deals announced.

While the overall market was down, Southern California Edison Co.’s trust preferreds made gains during Monday’s session.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.