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Morning Commentary: Preferreds tick up as holiday week kicks off; U.S. Cellular set to list on NYSE
By Stephanie N. Rotondo
Seattle, Nov. 23 – The preferred stock market was on the firmer side Monday as investors prepared for the shortened holiday week.
The Wells Fargo Hybrid and Preferred Securities index was up 5 basis points at mid-morning.
The market will be closed Thursday in observance of Thanksgiving. Friday will be an early close.
One trader opined that the week would be spent “cleaning up these [new issues] and getting them listed.”
For instance, United States Cellular Corp.’s $300 million of 7.25% $25-par senior unsecured notes due 2064 – a deal priced Nov. 16 – are expected to list on the New York Stock Exchange on Tuesday.
The ticker symbol will be “UZC.”
The trader quoted the issue at $24.90 bid, $24.95 offered.
As for other recent deals, Endurance Specialty Holdings Ltd.’s $200 million of 6.35% series C noncumulative preferreds were pegged at $24.92 bid, $24.95 offered.
That issue came Tuesday and is trading under a temporary symbol, “ENHFF.”
Maiden Holdings Ltd.’s $150 million of 7.125% series C noncumulative preference shares were seen at $24.85 bid, $24.92 offered.
Those shares priced on Thursday and are trading under a reporting symbol, “MDNHF.”
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