Preferreds strong to finish week; Urstadt gets temporary symbol; Citigroup, BofA above par

By Stephanie N. Rotondo

Phoenix, Oct. 24 – Preferred stocks were trading modestly higher early Friday, but overall activity remained muted, according to a trader.

The Wells Fargo Hybrid and Preferred Securities index finished up 9 basis points.

Urstadt Biddle Properties Inc.’s new $70 million issue of 6.75% series G cumulative redeemable preferreds – a deal that priced Wednesday – received a temporary trading symbol on Friday, a trader reported.

The symbol is “UDTBP.” The preferreds will eventually list on the New York Stock Exchange under the ticker “UBPPG.”

The trader saw the preferreds hanging in a $24.98 to par range. The issue closed at the higher end of that range, up from $24.92 the day before.

As for Citigroup Inc.’s $1.5 billion of 5.8% $1,000-par series N fixed-to-floating rate noncumulative preferreds – another deal from Wednesday – it was seen at 100.375 bid, 100.625 offered early in the day.

A market source said the issue “last traded in size” at 100.375.

That issue will not list on any exchange.

Another deal that will not be listed is Bank of America Corp.’s $1.4 billion of 6.5% $1,000-par series Z fixed-to-floating rate noncumulative preferred stock.

A source said the issue’s volume weighted average price was 102.8302.

The deal priced Monday.

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