Allstate preferreds free to trade; Entergy Arkansas bonds list on NYSE; financials firm

By Stephanie N. Rotondo

Phoenix, June 6 - After a moderately active - and soft - week, the preferred stock market was a little subdued on Thursday, according to a trader.

"People are not focused on preferreds right now," he said. Even some Street brokers were lamenting to lack of activity, he noted.

"That could all change tomorrow with the jobs numbers," he added.

Another market source said the day was "very volatile," as the space managed to close on a positive note, even after being down for most of the day.

In the primary, Allstate Corp.'s new $250 million of 5.625% series A noncumulative perpetual preferreds freed up early in the session, after pricing on Wednesday.

A trader said the market for paper was $24.76 to $24.93 at midday.

After the bell, a source said the issue "opened up weak," but eventually ended "improved by yesterday's standards, but still not good."

He pegged the paper at $24.80 bid, $24.85 offered.

First PacTrust Bancorp Inc.'s new $35 million issue of 8% series C noncumulative preferreds meantime were pegged at $24.55 bid at midday.

That issue also came on Wednesday.

Elsewhere, Entergy Arkansas Inc.'s $125 million of 4.75% $25-par first mortgage bonds due 2063 listed on the New York Stock Exchange on Thursday.

The deal priced May 28. The ticker symbol is "EAE."

The notes closed at $23.00.

Financials busy, mostly firm

Financials were topping the day's most active list, with most names trending higher.

Royal Bank of Scotland Group plc's 6.08% noncumulative guaranteed trust preferreds (NYSE: RBSPG) ended the day up 6 cents at $21.80, while Goldman Sachs Group Inc.'s 5.5% series J fixed-to-floating rate noncumulative preferreds (NYSE: GSPJ) earned 7 cents to close at par even.

Another Goldman issue, the 5.95% series I noncumulative preferreds (NYSE: GSPI), finished the day up 9 cents at $24.80.

However, JPMorgan Chase & Co.'s 5.5% series O noncumulative preferreds (NYSE: JPMPD) ended off a dime at $24.43 and BB&T Corp.'s 5.625% series E noncumulative preferreds (NYSE: BBTPE) were also softer, losing 8 cents to close at $24.49.

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