Preferred market sees firm but lackluster trading; F.N.B. lists; Wachovia paper active

By Stephanie N. Rotondo

Phoenix, Nov. 11 - Preferred stocks were moving higher Monday even though liquidity was thin because of the Veterans Day holiday.

The stock market was open, but the bond market was closed.

A trader said he had not heard any talk of specific new deals, though he opined that he "wouldn't be surprised if we get a couple deals" once players return to their desks.

As was expected, F.N.B. Corp.'s $100 million of 7.25% series E fixed-to-floating rate noncumulative perpetual preferred stock listed on the New York Stock Exchange under the ticker symbol "FNBPE."

The paper was trading at $25.35 at day's end, up from opening levels of $25.20.

The issue priced Oct. 29.

Meanwhile, Wachovia Preferred Funding Corp.'s 7.25% series A noncumulative exchangeable perpetual preferreds (NYSE: WNAP) were on the active side in an otherwise lackluster day.

Over 464,000 preferred shares traded, closing at $25.41, which was off a penny.

On Nov. 6, the company - now owned by Wells Fargo & Co. - said it was calling the preferreds on Jan. 2. The call price is $25.010069 per share.

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