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Midday Commentary: Market thus far avoids major sell-off; SunTrust's new issue frees to trade
By Stephanie N. Rotondo
Phoenix, Dec. 14 - A preferred stock trader said he was "not seeing a strong sell-off" in the market, though he had expected to see such occur due to uncertainties regarding the fiscal cliff.
"People could be hedged, they could be well positioned," he said of the lack of massive declines. "I think people are still hoping they get something done."
Of the day's dealings, SunTrust Banks Inc.'s new $450 million of 5.875% series E noncumulative perpetual preferreds freed from the syndicate in early Friday trading.
The deal priced Thursday.
A trader said the preferreds were trading at $24.80 bid, $24.85 offered.
Elsewhere, Entergy Arkansas Inc.'s $200 million of 4.9% $25-par first mortgage bonds due 2052 are expected to list on the New York Stock Exchange on Monday, according to a trader.
He said the expected symbol is "EAB."
The trader quoted the notes at $25.15 bid, $25.20 offered.
The Little Rock-based power producer priced the new deal on Dec. 6.
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