Banc of California’s deal gets temporary symbol; GasLog rises; Campus Crest regains ground

By Stephanie N. Rotondo

Phoenix, April 2 – The last full trading day of the shortened holiday week was a positive one for the preferred stock market.

The climb came as investors were anticipating a positive jobs report on Friday. The market might have also benefitted from news that the U.S. and Iran had reached a deal on the latter’s nuclear program.

The Wells Fargo Hybrid and Preferred Securities index closed up 15 basis points.

Investors were staying somewhat focused on recently priced deals. A trader said that Banc of California Inc.’s $100 million of 7.375% series D noncumulative preferreds – a deal from Tuesday’s business – had been assigned a temporary reporting symbol on Thursday.

The symbol is “BLBLP.”

The paper ended the day at $25.10, up from par opening levels and from $25.05 the previous day.

Meanwhile, GasLog Ltd.’s $100 million of 8.75% series A cumulative redeemable preference shares were seen at $25.15 bid, $25.25 offered by a trader.

“That’s done exceptionally well,” the trader said. “I’m shocked it ran up that quickly.”

The issue priced Monday.

Campus Crest Communities Inc.’s 8% series A cumulative redeemable preferred stock (NYSE: CCGPA) continued to be active Thursday, just one day after the company announced a suspension of dividend payments for 2015.

After initially losing ground on the news, the shares came roaring back in Thursday trading, rising $1.03, or 4.69%, to $23.01.

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