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Allstate to redeem preferreds; Morgan Stanley improves; Southern California Edison flat
By James McCandless
San Antonio, Aug. 30 – The preferred market continued to remain fixed on financial names as the week in trading neared the end.
Allstate Corp. issued a redemption notice for all $385 million of its outstanding series C fixed rate non-cumulative perpetual preferred stock.
Morgan Stanley’s 7.125% series E fixed-to-floating rate non-cumulative preferred stock improved, leading trading for a second day.
Southern California Edison Co., a subsidiary of Edison International, saw its 5.375% fixed-to-floating rate trust preferred securities end level despite heightened activity.
U.S. Bancorp’s $575 million of 5.5% series K non-cumulative perpetual preferred stock gained.
Allstate to redeem preferreds
Allstate called for the redemption of all $385 million of its outstanding series C fixed-rate noncumulative perpetual preferred stock and the corresponding depositary shares (see related story elsewhere in this issue).
The preferreds (NYSE: ALLPrC) were up 6 cents to close at $25.56 on volume of about 10,000 shares.
Morgan Stanley up
Morgan Stanley’s 7.125% series E fixed-to-floating rate non-cumulative preferred stock improved in Thursday trading.
The preferreds (NYSE: MSPrE) were up 4 cents to close at $28.62 with about 384,000 shares trading.
On Wednesday, the preferreds lost 4 cents.
SoCal Edison level
Southern California Edison’s 5.375% fixed-to-floating rate trust preferred securities saw increased attention.
The preferreds (NYSE: SCEPrJ) were level at $25.71 on volume of about 350,000 shares.
U.S. Bancorp gains
U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock saw gains late in the trading day.
The preferreds (NYSE: USBPrP) were up 7 cents to close at $25.44 on volume of about 298,000 shares.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.10% at market close, scaling back a 0.19% gain in early trading on Thursday.
The iShares US Preferred Stock ETF was down 8 cents to $37.83.
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