AmTrust frees up; Gladstone gets temporary ticker; Associated Banc, Customers list on NYSE

By Stephanie N. Rotondo

Seattle, Sept. 21 – Preferred stocks were firm as the Federal Reserve issued its latest policy announcement on Wednesday, holding interest rates steady for the time being.

The Wells Fargo Hybrid and Preferred Securities index finished 55 basis points better, after being up 15 bps at mid-morning.

Given that the market was focused on the Fed, there were no new issues announced on Wednesday.

As for deals priced earlier in the week, AmTrust Financial Services Inc.’s $250 million of 6.95% series F noncumulative preferreds – a deal priced Tuesday – freed to trade by mid-morning, according to a trader.

The trader also noted that the issue had been assigned a temporary trading symbol, “AMTRP.”

The preferreds ended the day at $25.03, versus opening levels of $24.95.

Gladstone Investment Corp.’s $50 million of 6.25% series D cumulative term preferred stock were meantime pegged at $24.80 bid, $24.90 offered early in the day, though the issue closed at $24.97.

Still, that was off from $25.01 at the open.

That deal came Monday and freed Tuesday afternoon. It also has a temporary symbol, “GADDP.”

Meanwhile, both Associated Banc-Corp’s $100 million of 5.375% series D noncumulative preferred stock and Customers Bancorp Inc.’s $75 million of 6% series F fixed-to-floating rate noncumulative perpetual preferred stock began trading on the New York Stock Exchange on Wednesday.

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