Midday Commentary: Preferreds dipping ahead of holiday weekend; Entergy Texas lists on NYSE

By Stephanie N. Rotondo

Phoenix, May 23 - It was looking to be a muted day for the preferred stock market on Friday, as desks were emptying ahead of the three-day Memorial Day holiday.

In addition to there being low liquidity, the market was also softening a touch.

The Wells Fargo Hybrid and Preferred Securities index was down 3 basis points as of mid-morning.

Entergy Texas Inc.'s $135 million of 5.625% first mortgage bonds due 2064 - a $25-par issue that came May 13 - began trading on the New York Stock Exchange.

The ticker symbol is "EZT."

A trader quoted the issue at $25.05 bid, $25.10 offered. Paper opened at $25.11.

Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities LLC were the joint bookrunning managers.

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