Midday Commentary: Stocks, Treasuries do little to boost preferred activity; recent deals hold in

By Stephanie N. Rotondo

Phoenix, Dec. 21 - A declining stock market and a "milquetoast rally" in Treasuries was not spurring any action in the preferred stock market on Friday, according to a trader.

"Nothing is going on," he said, as the upcoming holidays meant many empty desks.

Recent deals from SunTrust Banks Inc. and Stifel Financial Corp. were "still hovering" around the same levels they have been at for most of the week, the trader said.

SunTrust's $450 million of 5.875% series E noncumulative perpetual preferreds - a deal that priced Dec. 13 - were around $24.70, while Stifel's $150 million of 5.375% $25-par senior notes due 2022 were at $24.90 bid, $24.95 offered.

Stifel priced on Tuesday.

Three recent deals were meantime admitted to the New York Stock Exchange.

Retail Properties of America Inc.'s $125 million of 7% series A cumulative redeemable preferreds - an issue that priced Dec. 11 - listed under the symbol "RPAIPA." The paper was trading at $24.85, up from opening levels of $24.80.

Seaspan Corp.'s $67.5 million of 7.95% series D cumulative redeemable perpetual preferreds - which came Dec. 6 -listed under the symbol "SSWPD."

The preferreds were up 30 cents at midday to $25.05.

And, TCF Financial Corp.'s $100 million of 6.45% series B noncumulative perpetual preferreds were admitted under the ticker "TCBPC."

The issue was up 13 cents at midafternoon to $24.88.

The deal priced Dec. 12.

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