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Compass Diversified, PennyMac trade higher with market; Fannie, Freddie mixed on ‘confusion’
By Colin Hanner
Chicago, July 5 – The lull in the preferred stock space continued into the afternoon session on Wednesday, with volumes falling below average on a holiday-shortened week.
The Wells Fargo Hybrid and Preferred Securities Index was up 17 basis points, a 28 bps uptick since mid-morning. The U.S. iShares Preferred Stock ETF was up 17 bps, a 6 bps uptick since mid-morning.
“Not much happening today,” a market source said. “I doubt we see any deals this week as most people took the week off.”
In the recent-issue space, Compass Diversified Holdings LLC’s $100 million of 7.25% series A preferred stock (NYSE: CODIPrA), which listed on the New York Stock Exchange on Monday, was trading at $24.94, a 9 cent gain on the day.
PennyMac Mortgage Investment Trust’s $175 million of 8% series B fixed-to-floating rate cumulative redeemable preferreds, which is trading on the gray market under the ticker “PNNMP,” was changing hands around $24.90, up 2 cents on the day, a market source said.
In the secondary market, government-sponsored enterprise Fannie Mae’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) were up 9 cents, 1.52%, to $5.99.
More than 650,000 shares had exchanged hands on the day.
Freddie Mac’s 8.375% fixed-to-floating rate noncumulative preferreds (OTCBB: FMCKJ) were down 3 cents, or 0.54%, to $5.52.
“One’s up, the others down,” a market source said. “That’s the quirkiness of the high risk, but there’s no news besides confusion” driving the movement of Fannie and Freddie.
Elsewhere in the secondary market, Citigroup Inc.’s 7.875% trust preferreds securities (NYSE: CPrN) were up 2 cents, or 0.08%, to $26.03.
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