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Preferreds trend flat; regional bank expected to bring new deal soon; financials active
By Stephanie N. Rotondo
Phoenix, May 26 – The preferred stock market was getting off to a sleepy start on Tuesday following the long holiday weekend.
A trader noted that there was a “sell-off” in the broader markets, as oil prices declined and the euro weakened.
“So the dollar is obviously stronger,” he said.
The trader also said that the long bond was up a touch.
Still, there was at least one bright spot for the day, as new data showed home sales improved in April and median home prices gained.
Bright spot aside, the preferred market couldn’t hold on to its early gains and finished just a touch weaker.
The Wells Fargo Hybrid and Preferred Securities index closed off 2 basis points. The index was trying to gain ground earlier in the session, trading up 1 bps at mid-morning.
In addition to the day’s softness, one market source noted that “volume was light.”
Of the day’s most actively traded securities, Morgan Stanley & Co. Inc.’s 6.975% series F fixed-to-floating rate noncumulative preferreds (NYSE: MSPF) reigned, trading off 13 cents to $27.25.
Goldman Sachs Group Inc.’s 5.5% series J fixed-to-floating rate noncumulative preferreds (NYSE: GSPJ) were also on the more active side, slipping a nickel to $24.71.
JPMorgan Chase & Co.’s 6.125% series Y noncumulative preferreds (NYSE: JPMPF) and HSBC Holdings plc’s 8% exchangeable perpetual subordinated capital securities (NYSE: HSEB) were both off 2 cents at $25.20 and $26.43, respectively.
Away from financial paper, real estate investment trust Vornado Realty Trust Inc. saw its 5.4% series L cumulative redeemable prefereds (NYSE: VNOPL) decline 6 cents to $22.78.
Looking ahead, a trader said the new issue pipeline could see a deal coming from a regional bank, though he had heard no other details.
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