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Morning Commentary: Two Harbors markets preferreds; pricing action steady; preferreds improve
By Cristal Cody
Tupelo, Miss., Nov. 16 – Two Harbors Investment Corp. announced on Thursday plans to price series C fixed-to-floating rate cumulative redeemable preferred stock.
Pricing action has been steady over the week in the preferred stock market from issuers including MB Financial, Inc. and Ladenburg Thalmann Financial Services Inc.
NuStar Energy LP also is expected to price series C fixed-to-floating rate cumulative redeemable perpetual preferred units.
Early Thursday, preferred stocks improved after staying mixed over the first half of the week.
The Wells Fargo Hybrid and Preferred Securities index climbed 20 basis points by mid-morning.
The U.S. iShares Preferred Stock ETF also was up 20 bps.
Bank and financial preferreds traded mostly better at the start of the day.
Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred shares (NYSE: WFCPrJ) gained 33 cents, or 1.29%, to $25.94.
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