Midday Commentary: Preferreds look to close out week with strong finish; Maiden notes remain weak

By Stephanie N. Rotondo

Phoenix, Nov. 22 - Preferred stocks were trending higher on Friday, though liquidity was muted.

The Wells Fargo Hybrid and Preferred Securities index was up 14 basis points around midday.

But while the market was up, a trader said there was not much volatility around.

"All our stuff has just been sitting here for a long time," he said.

Maiden Holdings North America Ltd.'s $152.5 million 7.75% fixed-rate notes due Dec. 1, 2043 were seen early in the session at $24.35. The deal priced Monday and has been on a mostly downward slide ever since.

"It was priced pretty aggressively," a trader said. "Then once it came out, the long bond got crushed, so it's just following the market."

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