Morgan Stanley preferreds edge lower; Enstar preferreds flat; SoCal Edison surges

By James McCandless

San Antonio, Nov. 16 – The preferred market closed the week higher on moderate volume.

Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds moved lower in active trading.

Elsewhere in finance, Goldman Sachs Group, Inc.’s 5.5% fixed-to-floating rate non-cumulative perpetual preferreds and Bank of America Corp.’s 5.875% series HH non-cumulative preferreds improved.

Meanwhile, Enstar Group Ltd.’s new $110 million 7% series E perpetual non-cumulative preference shares ended level.

Utilities name Southern California Edison Co., a subsidiary of Edison International, saw its 5.375% cumulative fixed-to-floating rate trust preferreds gain.

Morgan Stanley off

At the top of the secondary, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds moved lower.

The preferreds (NYSE: MSPrK) were down 2 cents to close at $24.94 on volume of about 514,000 shares.

Elsewhere in the finance sector, Goldman Sachs’ 5.5% fixed-to-floating rate non-cumulative perpetual preferreds improved slightly.

The preferreds (NYSE: GSPrJ) were up 1 cent to close at $24.70 with about 478,000 shares trading.

Bank of America’s 5.875% series HH non-cumulative preferreds also traded up.

The preferreds (NYSE: BACPrK) rose 1 cent to close at $24.63 on volume of about 377,000 shares.

On Thursday, the preferreds lost 3 cents.

Enstar flat

Meanwhile, insurance name Enstar’s new 7% series E perpetual non-cumulative preference shares ended flat.

The preferreds, trading under the temporary symbol “ESGRL,” were level at $24.65 with about 368,000 shares trading.

SoCal Edison improves

Southern California Edison’s 5.375% cumulative fixed-to-floating rate trust preferreds jumped.

The preferreds (NYSE: SCEPrJ) were up $1.87 to close at $22.00 on volume of about 100,000 shares.

On Friday, the company reassured the market that it was working to restore power to areas effected by wildfires in California and that investigations are ongoing to determine the cause of the fires.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.10% at the Friday close, improving on a 0.05% decline at the start of the session.

The iShares US Preferred Stock ETF was up 8 cents to $35.76.

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