Conference comments lift Fannie Mae, Freddie Mac; DynaGas flat; Citigroup series K active

By Christine Van Dusen

Atlanta, July 15 – Preferred stock from Fannie Mae and Freddie Mac got a boost on an up Wednesday for the market as investors focused on better-than-expected economic data from China and comments from Federal Reserve chairman Janet Yellen.

Yellen, in prepared testimony that would be delivered later on Wednesday, said that if the economy moves as expected, the Fed is on track to raise rates.

Meanwhile, Fannie Mae and Freddie Mac were described as “exciting” during the Seeking Alpha conference the news site is having with Institutional Investor.

“So those are jumping 45 cents to 50 cents each,” a trader said. “That’s pretty good for them.”

The market, overall, was up about 24 basis points, or 6 cents, a market source said.

Other preferreds didn't move much on Wednesday, with the new issue from Monaco-based DynaGas LNG Partners LP trading between $24.50 and $24.52, flat to Tuesday, he said.

DynaGas LNG priced $75 million of 9% series A cumulative redeemable preferred units at par of $25.00 via Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) Inc., Stifel Nicolaus & Co. and DNB Markets on Monday.

Meanwhile, Citigroup Inc.’s 6 7/8% floating-rate noncumulative preferred, series K, was the most active issue on Wednesday afternoon, up 5 cents to $26.75 on 1.07 million shares traded.

Goldman Sachs Group Inc.’s depository preferred, series K, moved up 9 cents to $26.32 on 461,000 shares traded.

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