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Preferred stock market starts strong then fades amid muted holiday volumes; Barclays busy
By Stephanie N. Rotondo
Phoenix, Dec. 23 - Preferred stocks were "ticking up" early in Monday trading, according to a trader.
However, he noted that volume was "really low. No one is in," given the upcoming Christmas holidays.
"There's no real news on the preferred front," he added.
Still, the Wells Fargo Hybrid and Preferred Securities index was up 22 basis points as of mid-morning, though long Treasuries were on the flatter side. However, just after lunchtime, a market source said the market began to fade, eventually closing the session off 11 bps.
The market in general was kicking off the week with a strong tone, helped in part by new consumer data that showed confidence in the economy and spending were slowly inching higher.
As for liquidity, there was "one very big issue and everything else was pretty anemic," a source said.
That one big issue was Barclays Bank plc's 8.125% series 5 noncumulative dollar preference shares (NYSE: BCSPD), which saw trading of over 1.78 million shares.
"That's a lot for them," the source said.
The preferreds were also among the few actively traded issues that headed for higher ground, ending up 4 cents at $25.39.
Away from Barclays, most of the active issues saw trades of 200,000 shares to 300,000 shares.
BB&T Corp. was among those, its 5.625% series E noncumulative perpetual preferreds (NYSE: BBTPE) falling 9 cents to $20.38. Also in that category were Capital One Financial Corp.'s 6% series B noncumulative preferreds (NYSE: COFPP), which closed down 16 cents to $21.46.
Citigroup Inc.'s 5.8% series C noncumulative preferreds (NYSE: CPC) finished the day at $21.20, down 7 cents. And, JPMorgan Chase & Co.'s 5.5% series O noncumulative preferreds (NYSE: JPMPD) closed down 3 cents at $20.44.
Away from financials, Qwest Corp.'s 6.125% $25-par notes due 2053 (NYSE: CTY) declined 14 cents to $19.29.
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