Morning Commentary: Maiden Holdings preferreds sink; Capital One gains; Spire negative

By James McCandless

San Antonio, Oct. 18 – The preferred space started the last day of the week slightly higher with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.03%.

Leading early activity, Maiden Holdings, Ltd.’s 7.125% series C and 8.25% series A non-cumulative preference shares were both sinking.

The series C preferreds (NYSE: MHPrC) were sinking 27 cents to $4.98 on volume of about 43,000 shares.

The series A preferreds (NYSE: MHPrA) were losing 36 cents to $5.20 on volume of about 32,000 shares.

Meanwhile, in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock was seen gaining.

The preferreds (NYSE: COFPrI) were adding 3 cents to $25.12 with about 32,000 shares trading.

Sector peer Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were relatively active but unchanged.

The preferreds (NYSE: CPrN) were level at $27.70 on volume of about 22,000 shares.

In utilities, Spire Inc.’s 5.9% series A cumulative redeemable perpetual preferred stock was under water early.

The preferreds (NYSE: SRPrA) were losing 1 cent to $27.19 with about 26,000 shares trading.

Entergy New Orleans, Inc.’s 5.5% first mortgage bonds due 2066 were trending positively.

The bonds (NYSE: ENO) were improving by 7 cents to $26.32 on volume of about 21,000 bonds.

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