Preferred stocks weaken in first trading day of 2018; Cowen softens; Kimco unchanged

By Cristal Cody

Tupelo, Miss., Jan. 2 – Preferred stocks closed mostly softer on Tuesday in light activity.

The Wells Fargo Hybrid and Preferred Securities index dropped 94 basis points.

The U.S. iShares Preferred Stock ETF closed off 55 bps.

The primary market stayed quiet in the first session of 2018.

Market activity remained light with preferred stocks overall mostly weaker.

Cowen Inc.’s 7.35% senior notes due Dec. 15, 2027 (Nasdaq: COWNZ) priced in December fell 21 cents, or 0.82%, to $25.49 on Tuesday.

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

Among other recent issues, Kimco Realty Corp.’s 5.25% class M cumulative redeemable preferred shares (Baa2/BBB-/BBB-) were 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.”

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