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Preferreds quiet as Treasuries rally; investors anxious about Syria; Wells Fargo active
By Christine Van Dusen
Atlanta, Aug. 27 - The preferred stock market was quiet on Tuesday as investors worried about the situation in Syria, which pushed Treasury prices up.
The 10-year Treasury was yielding 2.752% early in the session.
"It's going to be pretty quiet for the next week unless the U.S. starts attacking Syria," a trader said. "Then there will be a flight to quality, and people will sell everything and buy Treasuries. But we're not seeing that yet."
On Tuesday morning, Wells Fargo & Co.'s 8% non-cumulative perpetual class A preferred stock (NYSE: WFC-PJ) was among the most active, trading up 2 cents at $28.57. By the end of the session the issue was spotted at $28.75.
Barclays Bank plc's 7¾% non-cumulative callable dollar preference shares traded down 4 cents at $25.42.
And Citigroup Capital X's 6.1% TruPS Capital Securities (NYSE: C-PR) were quoted in the morning at $24.94, up 2 cents.
"We've seen a few trades but nothing of crazy size," the trader said. "A big corporate book is coming in September, so people are just not filling up for that reason."
Later in the session, RBS Capital Funding Trust VII's 6.08% non-cumulative guaranteed trust preferred securities were spotted at $20.09, down 5 cents.
RBS Capital Funding Trust V's 5.9% non-cumulative guaranteed trust preferred securities traded 3 cents lower at $19.67 toward the end of the day.
"It has been pretty quiet," a trader said. "Not too much is going on. The consumer confidence number was better than expected, but we're just going into a holiday weekend and we have the Jewish holidays after that. So it's going to be quiet."
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