Morgan Stanley’s preferreds strengthen, lead trading; Allstate’s recent issue gains

By James McCandless

San Antonio, April 10 – The preferred secondary market saw an active overall day after starting quietly Tuesday morning, traders reported.

Morgan Stanley’s series K preferred stock was the market’s most active issue and strengthened on the day.

Allstate Corp. also led in the secondary market again with its recent $500 million issue of $25-par series G perpetual preferred shares.

Citigroup Inc. was another financial name trading up and adding volume with its series N preferred stock.

In a positive day for the preferred market as a whole, Morgan Stanley led in volume with its series K preferred shares.

“It was quieter in the morning, but these really started to lead as the afternoon went on,” a trader said. “There was no news behind it, but the market had a good day and this particular stock got caught up in a positive swing.”

The series K preferreds rose 8 cents to close at $25.98.

Meanwhile, Allstate’s recently priced $500 million of 5.625% $25-par series G perpetual preferred shares traded up 3 cents to close at $25.26.

And Citigroup’s series N preferreds gained 6 cents to close at $27.22.

The Wells Fargo Hybrid & Preferred Securities Financial index ended the day down 0.01%. The iShares US Preferred Stock ETF closed up 6 cents to end at $37.30.

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