Morning Commentary: Preferred stocks mixed in first trading day of 2018; Kimco, Cowen flat

By Cristal Cody

Tupelo, Miss., Jan. 2 – Preferred stocks opened the New Year on Tuesday mostly mixed in thin activity.

The Wells Fargo Hybrid and Preferred Securities index was down 4 basis points on the morning.

The U.S. iShares Preferred Stock ETF rose 5 bps.

Market activity remained light at the start of the session. In the primary market, no issuers were reported to be marketing securities.

Among recent deals, Kimco Realty Corp.’s 5.25% class M cumulative redeemable preferred shares (Baa2/BBB-/BBB-) were not active and remained unchanged at $24.62 in trading over the counter under the temporary symbol “KMCCP.”

Kimco, a 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.”

Cowen Inc.’s 7.35% senior notes due Dec. 15, 2027 (Nasdaq: COWNZ) priced in December also were unchanged at $25.70 in early trading.

The New York-based financial services firm sold $120 million of the $25-par notes on Dec. 5.

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