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Morning Commentary: Preferred stock primary market quiet; Kimco Realty preferreds soft
By Cristal Cody
Tupelo, Miss., Dec. 13 – The preferred stock primary market stayed quiet over the morning on Wednesday.
Preferred stocks overall opened the session weaker ahead of a widely expected rate hike later in the day by the Federal Reserve.
Rates are expected to be raised by 25 basis points, a source said.
The Wells Fargo Hybrid and Preferred Securities index dropped 9 bps by mid-morning.
The U.S. iShares Preferred Stock ETF softened 4 bps.
Deal action over the first two sessions included a $230 million offering of preferreds from Kimco Realty Corp. on Monday and a $50 million sale of $25-par notes on Tuesday from Capital Southwest Corp.
Kimco Realty’s 5.25% class M cumulative redeemable preferred shares traded 4 cents weaker over the morning at $24.64 in over-the-counter trading under the temporary symbol “KMCCP.”
The company sold $230 million of the 5.25% $25-par class M cumulative redeemable preferred shares on Monday in a deal upsized from $150 million.
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