Preferreds inch higher in trading as long weekend approaches; Entergy New Orleans notes to list

By Stephanie N. Rotondo

Seattle, March 23 – The preferred stock market was ending marginally higher in midweek trading.

The Wells Fargo Hybrid and Preferred Securities index closed 10 basis points higher after being up just 1 bp at mid-morning.

Still, a market source wasn’t so sure how accurate those gains were.

“There was really light volume,” he said, “like, really light.”

“Oil is down a point ... Treasuries are up a little bit,” another trader noted at midday. “But there’s not much happening.”

With the week coming to an end on Thursday – it’s an early close as well – the trader further opined that activity would remain thin going into the long holiday weekend.

“But we’re hearing there’s a big calendar for next week,” he added.

Entergy New Orleans Inc.’s $110 million of 5.5% $25-par first mortgage bonds due April 1, 2066 are expected to begin trading on the New York Stock Exchange on Thursday, a source reported.

The ticker will be “ENO,” the source said.

The deal came March 15.

A trader said the notes traded as high as $26.05 in early Wednesday trading. Another source placed the notes at $26.00 even at the close, a gain of 23 cents on the day.

Legg Mason Inc.’s $250 million of 6.375% $25-par junior subordinated notes due March 15, 2056 might also be hitting the NYSE on Thursday, a source speculated.

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