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Southern California Edison, Compass Diversified free to trade; Validus trades higher
By Colin Hanner
Chicago, June 20 – The preferred stock space was more active than past sessions, a market source said, with two new issues freeing to trade.
“It’s a little busier, it’s picking up, but it’s not what you would call a busy day,” the market source said on Tuesday.
The Wells Fargo Hybrid and Preferred Securities index was up 3 basis points, a 5 bps upswing since mid-morning. The U.S. iShares Preferred Stock ETF was off 8 bps, unchanged since mid-morning.
In the new deal space, Southern California Edison Co.’s SCE Trust VI’s $475 million offering of 5% series L trust preference shares, a deal which came to market on Monday and was upsized from $200 million, was free to trade, a market source said.
The shares closed at $24.99. More than 3.25 million shares traded.
Compass Diversified Holdings LLC’s $100 million of 7.25% series A preferreds, which the company debuted in the preferred space on Monday, also freed and finished the day at $24.67 with more than 1.125 million shares traded, a market source said.
Validus Holdings Ltd.’s $250 million of 5.8% series B noncumulative preference shares, trading under temporary ticker symbol “VRRHP” since it came to market on June 13, was up 15 cents, or 0.60%, to $25.15 with more than 400,000 shares traded.
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