Trading in Fifth Third, Alabama Power halted; Public Storage to call preferreds; UMH quiet

By Stephanie N. Rotondo

Portland, Ore., May 19 - The preferred stock market was "very quiet," a trader said Thursday, following Wednesday's flurry of redemptions.

The trader noted that trading in Fifth Third Bancorp's series C preferreds was halted Thursday morning after the company said it would call the issue earlier than planned.

Trading in Alabama Power Co. also ceased after the Southern Co. subsidiary announced a call of its own after the bell Wednesday.

In other redemption news, Public Storage is planning to call its series I preferreds. The shares traded up slightly on the news.

In the new issue realm, the new UMH Properties Inc. deal had still not priced and markets were nowhere to be seen. Seaspan Corp. meantime announced an add-on to its series C preferreds, which were originally priced back in January.

Cincinnati-based Fifth Third announced Wednesday that it was redeeming early $450 million of its trust preferred securities through the end of June.

The news caused "huge sell pressure" during Wednesday's session, but trading was halted come Thursday, according to a trader.

Three series of Alabama Power's preferreds also ceased to trade Thursday following news of a call late Wednesday.

The 5.875% series GG senior notes due Feb. 1, 2046 (NYSE: ALQ) finished at $25.50, the 5.875% series II senior notes due March 15, 2046 (NYSE: ALZ) at $25.66 and the 6.375% series JJ senior notes due June 15, 2046 at $25.94.

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