Midday Commentary: Preferred actions remains subdued; MVC Capital's new issue lackluster

By Stephanie N. Rotondo

Phoenix, Feb. 20 - The preferred stock market remained on the quiet side Wednesday with no fresh news or new issues to pique investors' interest.

MVC Capital Inc.'s new deal - which priced late Tuesday - was seen in early trading, but because it was a small deal - only $70 million of the 7.25% $25-par senior notes due 2023 were sold - there wasn't much action.

A trader quoted the issue at $24.50 bid, $24.62 offered.

The trader said he was not sure if the deal had freed up but remarked that because the issue was "that small, it seems like something that would immediately free, because it's so tiny."

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