Morning Commentary: Preferreds tick up as holiday week kicks off; U.S. Cellular set to list on NYSE

By Stephanie N. Rotondo

Seattle, Nov. 23 – The preferred stock market was on the firmer side Monday as investors prepared for the shortened holiday week.

The Wells Fargo Hybrid and Preferred Securities index was up 5 basis points at mid-morning.

The market will be closed Thursday in observance of Thanksgiving. Friday will be an early close.

One trader opined that the week would be spent “cleaning up these [new issues] and getting them listed.”

For instance, United States Cellular Corp.’s $300 million of 7.25% $25-par senior unsecured notes due 2064 – a deal priced Nov. 16 – are expected to list on the New York Stock Exchange on Tuesday.

The ticker symbol will be “UZC.”

The trader quoted the issue at $24.90 bid, $24.95 offered.

As for other recent deals, Endurance Specialty Holdings Ltd.’s $200 million of 6.35% series C noncumulative preferreds were pegged at $24.92 bid, $24.95 offered.

That issue came Tuesday and is trading under a temporary symbol, “ENHFF.”

Maiden Holdings Ltd.’s $150 million of 7.125% series C noncumulative preference shares were seen at $24.85 bid, $24.92 offered.

Those shares priced on Thursday and are trading under a reporting symbol, “MDNHF.”

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