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.

The preferreds (NYSE: ALLPrC) were up 6 cents to close at $25.56 on volume of about 10,000 shares.

Morgan Stanley’s 7.125% series E fixed-to-floating rate non-cumulative preferred stock improved, leading trading for a second day.

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.

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.

The preferreds (NYSE: SCEPrJ) were level at $25.71 on volume of about 350,000 shares.

U.S. Bancorp’s $575 million of 5.5% series K non-cumulative perpetual preferred stock gained.

The preferreds (NYSE: USBPrP) were up 7 cents to close at $25.44 on volume of about 298,000 shares.

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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