Morgan Stanley preferreds edge lower; Enstar preferreds flat; SoCal Edison surges

By James McCandless

San Antonio, Nov. 16 – The preferred market closed the week higher on moderate volume.

Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds moved lower in active trading.

The preferreds (NYSE: MSPrK) were down 2 cents to close at $24.94 on volume of about 514,000 shares.

Elsewhere in finance, Goldman Sachs Group, Inc.’s 5.5% fixed-to-floating rate non-cumulative perpetual preferreds improved slightly.

The preferreds (NYSE: GSPrJ) were up 1 cent to close at $24.70 with about 478,000 shares trading.

And Bank of America Corp.’s 5.875% series HH non-cumulative preferreds (NYSE: BACPrK) edged 1 cent higher to close at $24.63 on volume of about 377,000 shares

Meanwhile, Enstar Group Ltd.’s new $110 million 7% series E perpetual non-cumulative preference shares ended level.

The preferreds, trading under the temporary symbol “ESGRL,” were level at $24.65 with about 368,000 shares trading.

Utilities name Southern California Edison Co., a subsidiary of Edison International, saw its 5.375% cumulative fixed-to-floating rate trust preferreds gain.

The preferreds (NYSE: SCEPrJ) were up $1.87 to close at $22.00 on volume of about 100,000 shares.

On Friday, the company reassured the market that it was working to restore power to areas effected by wildfires in California and that investigations are ongoing to determine the cause of the fires.

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