Preferreds end in the positive after volatile session; recent deals mixed; Citigroup higher

By Abigail W. Adams

Portland, Me., Feb. 12 – The preferreds market was off to a volatile start early Monday with the Wells Fargo Hybrid & Preferred Securities Financial index seesawing between positive and negative territory.

However, both the Wells Fargo Hybrid & Preferred Securities Financial index and the U.S. iShares Preferred Stock ETF closed Monday with gains after a nearly two-week streak of losses.

The performance of recently priced deals now listed for trading on exchanges was mixed on Monday with some also seesawing between positive and negative territory.

Recent deals, such as Jernigan Capital, Inc.’s 7% series B cumulative redeemable preferred stock, made gains while others, such as UMH Properties Inc.’s 6.375% series D cumulative redeemable preferred stock, lost ground.

However, each recent deal is trading below its issue price.

Citigroup Capital’s XIII 7.875% fixed-to-floating rate trust preferred securities were in focus during Monday’s session and made gains in high-volume trading.

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