Preferreds quiet ahead of holiday; Wells Fargo 8% perpetuals fall 13 cents on light volume

By Christine Van Dusen

Atlanta, July 3 – The preferred stock market didn’t move much on a pre-holiday Thursday morning and on the back of news that interest rates will stay low in Europe and the jobs picture has improved in the United States.

“There’s not much of a sell-off in the secondary,” a trader said. “But that could also be because no one’s in today.”

Morgan Stanley Capital Trust III’s 6¼% capital securities moved down 4 cents to $25.22 on 427,078 shares traded on Wednesday morning. By Wednesday evening, the notes had moved to $25.26 on volume totaling 445,818.

Wells Fargo & Co.’s 8% non-cumulative perpetual preferred stock, series J, fell 12 cents to $29.45 on 119,129 shares traded. At the end of the session the stock was at $29.44, down 13 cents on volume totaling 146,972.

Barclays Bank plc’s 8 1/8% non-cumulative callable dollar preference shares, series 5, ADR dipped 4 cents to $26.03 on a mere 33,717 shares traded.

In the afternoon, RBS Capital Funding Trust VII’s 6.08% noncumulative guaranteed trust preferred securities slipped 6 cents to $24.11 on 445,818 shares traded.

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