Preferreds lower in thin market activity; Cowen improves; Kimco soft; Annaly rises

By Cristal Cody

Tupelo, Miss., Dec. 22 – Preferred stocks opened on Friday mixed and headed out softer in thin market activity.

The Wells Fargo Hybrid and Preferred Securities index closed down 9 basis points.

The U.S. iShares Preferred Stock ETF dropped 21 bps.

No primary issuance was reported over the week.

In trading on Friday, Cowen Inc.’s 7.35% senior notes due Dec. 15, 2027 (Nasdaq: COWNZ) that priced at the start of December rose 3 cents, or 0.12%, to $25.34.

The New York-based financial services firm sold $120 million of the $25-par notes on Dec. 5 and later increased the issue to $138 million after the greenshoe was excercised.

Kimco Realty Corp.’s new 5.25% class M cumulative redeemable preferred shares (Baa2/BBB-/BBB-) ended Friday unchanged but soft at $24.62 in trading over the counter under the temporary symbol “KMCCP.”

The New Hyde Park, N.Y.-based real estate investment trust priced $230 million of the $25-par class M cumulative redeemable preferred shares on Dec. 11.

The shares are expected to start trading on the New York Stock Exchange within 30 days of issuance under the permanent ticker symbol “KIMPrM.”

In other trading on Friday, Annaly Capital Management Inc.’s 6.95% series F fixed-to-floating rate perpetual cumulative redeemable preferred stock (NYSE: NLYPrF) gained 7 cents to $25.82.

The New York-based real estate investment trust sold $700 million of the $25-par preferreds on July 25.

The dividend is fixed until Sept. 30, 2022, then it will begin floating at Libor plus 499.3 bps.

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