Midday Commentary: Positive data boost preferreds; Seaspan frees, trades north of par; Farmer Mac lists

By Stephanie N. Rotondo

Phoenix, March 28 - The preferred stock market was inching higher Friday as new economic data showed that consumers were spending more and inflation was low.

The Wells Fargo Hybrid and Preferred Securities index was up 11 basis points as of mid-morning.

Seaspan Corp.'s $300 million of 6.375% $25-par notes due 2019 freed to trade after pricing late Thursday.

A trader saw the issue at $25.25 early in the session.

Meanwhile, Federal Agricultural Mortgage Corp.'s $75 million of 6.875% series B noncumulative perpetual preferreds listed on the New York Stock Exchange Friday.

The BofA Merrill Lynch-led deal priced March 20. The ticker symbol is "AGMPB."

Paper was trading at $24.75, down 10 cents from the previous day's close.

No other new deals were seen, but a trader opined that "we should see some deals next week."

"The market is right for it," he said.

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