Preferred stocks erase early losses to end firm; Atlas Resource, Yuma Energy list

By Stephanie N. Rotondo

Phoenix, Oct. 27 – Preferred stocks had a weak tone as Monday trading began but then came back to finish in positive territory.

The Wells Fargo Hybrid and Preferred Securities index closed up 5 basis points to 6 bps. At mid-morning, the index was down 7 bps.

In recent deals, Urstadt Biddle Properties Inc.’s $70 million issue of 6.75% series G cumulative redeemable preferreds – a deal from Wednesday’s business – continued to hang around $24.90 bid, according to a trader.

The shares did close at par, however.

In slightly older deals, Atlas Resource Partners LP’s $80 million issue of 8.625% class D cumulative redeemable perpetual preferred units were admitted to the New York Stock Exchange on Monday.

Yuma Energy Inc.’s $11.93 million of 9.25% series A cumulative redeemable perpetual preferred stock meantime began trading on the NYSE MKT.

Atlas came Sept. 25. Yuma priced at a discount on Oct. 16.

The Atlas paper finished the session at $24.50 versus the opening price of $24.15. The Yuma preferreds ended at $21.90, which compared to opening levels of $22.00.

Elsewhere in the secondary market, First Niagara Financial Group Inc.’s 8.625% series B fixed-to-floating rate noncumulative preferreds (NYSE: FNFGPB) remained under pressure following the bank’s financial release on Friday.

The preferreds closed down a dime at $27.94. That was down from opening levels of $27.97.

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