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Preferred market rises with Treasuries; KeyCorp’s new issue trades well; DTE Energy eyed
By Stephanie N. Rotondo
Seattle, Dec. 7 – The preferred stock market was firming up on Wednesday, though it was “not a rip-your-face-off rally, by any means,” a trader said.
The Wells Fargo Hybrid and Preferred Securities index improved 28 basis points by day’s end. The index was up 23 bps at mid-morning.
The trader attributed the rise in preferreds to gains in the bond market. Treasuries were experiencing “a bit of a dead-cat bounce on the likelihood that the European Union will continue” its quantitative easing program.
“There is still enough weakness in the global market that QE is still out there,” the trader commented.
In new issues, KeyCorp’s $500 million of 6.125% series E fixed-to-floating rate noncumulative preferreds – a deal priced Monday and freed on Tuesday – were “moving up nicely,” according to one trader.
The trader said the paper was trading “right around” $25.35.
“They have been doing quite well,” another market source commented. “They traded in a narrow range.”
The preferreds have also been assigned a temporary trading symbol, “KYYPP.”
Meanwhile, DTE Energy Co.’s $280 million of 6% $25-par 2016 series F junior subordinated debentures due 2076 were seen at the bell at $24.44, though volume was “not heavy,” according to one source.
The issue – which came Nov. 28 – is scheduled to list on the New York Stock Exchange on Thursday under the ticker symbol “DTY.”
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