Preferred stocks mixed; primary inactive; Seritage, Arch Capital improve; EPR softens

By Cristal Cody

Tupelo, Miss., Jan. 4 – Preferred stocks stayed mostly mixed over Thursday’s session.

The Wells Fargo Hybrid and Preferred Securities index closed off 4 basis points, while the U.S. iShares Preferred Stock ETF rose 8 bps on the day.

Looking at new issue trading, Cowen Inc.’s 7.35% senior notes due Dec. 15, 2027 (Nasdaq: COWNZ) are softer but remain better than issuance. The notes ended the day 1 cent weaker at $25.39.

The New York-based financial services firm sold $120 million of the $25-par notes on Dec. 5.

Seritage Growth Properties’ 7% series A cumulative redeemable perpetual preferred stock (NYSE: SRGPrA) improved to close up 4 cents, or 0.16%, at $24.50.

Arch Capital Ltd.’s reopened 5.45% series F non-cumulative perpetual preferred shares (Nasdaq: ACGLO) improved 11 cents, or 0.44%, to $25.15.

The Hamilton, Bermuda insurance, reinsurance and mortgage insurance provider originally issued $230 million of the securities on Aug. 17. The total outstanding now is $330 million.

In other trading on Thursday, EPR Properties’ 5.75% series G cumulative redeemable perpetual preferred shares (NYSE: EPRPrG) softened 11 cents, or 0.42%, to $26.11.

The Kansas City, Mo.-based real estate investment trust sold $150 million, or 6 million shares, of the $25-par preferreds on Nov. 20.

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