Stifel’s new preferreds close above par; Morgan Stanley gains; Qwest $25-par notes up

By James McCandless

San Antonio, Feb. 22 – The preferred space capped off the short week largely positive.

Leading trading, Stifel Financial Corp.’s new $150 million 6.25% series B non-cumulative preferred stock closed above par.

The preferreds, trading under the temporary symbol “SFEIP,” were seen closing at $25.22 on volume of about 1.1 million shares.

The deal priced on Thursday.

Elsewhere in finance, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds also improved.

The preferreds (NYSE: MSPrK) picked up 6 cents to close at $25.53 with about 707,000 shares trading.

JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock edged higher.

The preferreds (NYSE: JPMPrC) added 3 cents to $26.03 on volume of about 368,000 shares.

In communications, Qwest Corp.’s 6.5% notes due 2056 also followed the positive trend.

The notes (NYSE: CTBB) saw a 36 cent boost to close at $22.86 with about 315,000 notes trading.

Shipping name Tsakos Energy Navigation Ltd.’s 9.25% series E fixed-to-floating rate cumulative redeemable perpetual preferreds gained.

The preferreds (NYSE: TNPPrE) were up 8 cents to close at $21.76 on volume of about 265,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.02% at the week’s close.

The iShares US Preferred Stock ETF was up 8 cents to $36.22.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.