Morning Commentary: Trading volume muted as day begins; Harvest Capital quoted around par

By Stephanie N. Rotondo

Seattle, Aug. 22 – Trading in the preferred stock market continued to be limited in early Tuesday dealings.

“What volume?” quipped one trader.

There was also a mixed tone to the market at mid-morning.

The Wells Fargo Hybrid and Preferred Securities index was down 4 basis points, though it had started the day in the green. The U.S. iShares Preferred Stock ETF was up 12 bps.

In early goings-on, Harvest Capital Credit Corp.’s $25 million of 6.125% $25-par notes due 2022 – a deal priced late Monday – were quoted at $24.75 bid, par offered.

Keefe Bruyette & Woods Inc. ran the books.

Meanwhile, Huntington Bancshares Inc.’s 6.25% series D noncumulative preferred stock (Nasdaq: HBANO) was up 6 cents at $27.48.

The issue was one of the more actively traded securities at mid-morning, though there was no fresh news on the name.

Also on the busy side was Kimco Realty Corp.’s $225 million of 5.125% class L cumulative redeemable preferred stock (NYSE: KIMPrL), an issue that was active on Monday as well.

The preferreds were at $24.78 at mid-morning, a gain of 3 cents. The paper had ended Monday’s session with a weaker tone.

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