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Morning Commentary: Preferreds see modest gains in early trading; Saratoga up; Morgan Stanley off
By Stephanie N. Rotondo
Seattle, Dec. 20 – The preferred stock market continued to edge higher on Tuesday, though market sources added once again that volume was subdued.
“There’s not a lot of tax-loss selling,” a trader said, as investors prepare for the end of the year. “A lot of things are going ex-dividend over the next two weeks that could cause some things to move around a little bit.”
Mostly, however, the trader believed that “it’s going to be dead” going into Christmas and year-end.
The Wells Fargo Hybrid and Preferred Securities index was up 6 basis points at mid-morning. The index firmed 37 bps on Monday.
Saratoga Investment Corp.’s $65 million of 6.75% $25-par notes due 2023 were seen at $24.80 bid, $24.90 offered in early dealings.
That compared to a $24.75 to $24.85 context at mid-morning on Monday.
The deal priced Dec. 14, in line with the 6.75% price talk.
Meanwhile, Morgan Stanley & Co. Inc.’s 7.125% series E fixed-to-floating rate noncumulative preferreds (NYSE: MSPrE) were slightly lower, trading off 2 cents to $28.19.
The downward move came as it was announced that the New York-based investment bank had been fined $7.5 million by the Securities and Exchange Commission over alleged violations of customer protection rules.
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