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RAIT Financial tanks after review ends; Fannie and Freddie rebound; 1347 deal on tap
By Abigail W. Adams
Portland, Me., Feb. 21 – Preferreds saw their second straight day of gains on Wednesday with both the Wells Fargo Hybrid & Preferred Securities Financial index and the U.S. iShares Preferred Stock ETF closing the day up.
Fannie Mae and Freddie Mac were among the gainers on Wednesday with the embattled preferreds of the government-sponsored entities rebounding after Tuesday’s losses.
While the broader market was up, RAIT Financial Trust’s preferreds were not. The Philadelphia-based real estate investment trust’s 7.75% series A, 8.375% series B and 8.875% series C cumulative redeemable preferred shares nosedived during Wednesday’s session.
RAIT announced on Tuesday that the special committee appointed to conduct a review of strategic and financial alternatives for the trust had concluded its work.
The primary market has been relatively quiet amid volatility in the broader markets. However, the first new preferred stock deal in several weeks is in the works.
1347 Property Insurance Holdings Inc. plans to price $20 million, or 800,000 shares, of 8% series A perpetual cumulative preferred stock at $25.00 per share on Thursday.
After a rough few weeks where the preferreds market saw mostly losses, the market was up for the second day in a row.
The Wells Fargo Hybrid & Preferred Securities Financial index closed Wednesday up 0.16%. The U.S. iShares Preferred Stock ETF rose 0.03% at the market close.
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