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Preferreds rebound amid iShares’ highest-volume trading day of the year; KeyCorp lists
By Colin Hanner
Chicago, Dec. 15 – One of the biggest preferred stock exchange-traded funds saw its highest-volume trading day of the year on Thursday, picking up from a rather dormant morning of trading to finish in the black on the day.
The iShares U.S. Preferred Stock ETF saw “a very big trade or two” around noon, a trader said, which inflated the ETF to its highest-volume trading day all year, with more than 10 million in volume.
“I don’t know what caused the heavy volume,” a market source said of the iShares ETF, but went on to say that it upped the price for the rest of the day.
The ETF was up 35 basis points on the day after trading down 20 bps at mid-morning.
The Wells Fargo Hybrid and Preferred Securities index was up 7 bps on the day. At mid-morning, the index was down 28 bps.
In the new issue space, KeyCorp’s $500 million of 6.125% series E fixed-to-floating rate noncumulative perpetual preferreds listed on the New York Stock Exchange on Thursday and ended the day at $25.35, similar to where it had traded mid-morning.
Markets mixed
Though the iShares ETF activity seemed to uplift some secondary preferred names in the afternoon session, movement was mixed for the most active securities.
Treading downward was Fannie Mae’s 8.25% series S fixed-to-floating rate noncumulative preferreds (NYSE: FNMAS), which were down 14 cents to $8.12.
Following behind were Wells Fargo & Co.’s 5.5% class A noncumulative preferreds (NYSE: WFCPX), which were down 2 cents to $22.35.
A market source said one of the more active names he saw were the Deutsche Bank AG 7.6% trust preferreds (NYSE: DTK), which were up 22 cents to $24.49.
On the upswing was Capital One Financial Corp.’s 5.2% series G noncumulative perpetual preferreds (NYSE: COFG), which were up 5 cents to $21.10.
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