Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Q > Headlines for Qwest Corp. > News item |
Preferreds perk up despite weak GDP data; recent new issues remain firm; oil names up
By Stephanie N. Rotondo
Seattle, Jan. 29 – Preferred stocks were gaining ground in Friday trading, as weak GDP data suggested that the pace of interest rate increases would be slower than expected.
“Everything is trading strong today,” a trader said, speaking specifically about recently priced deals. However, he also noted that the “secondary market is up.”
The Wells Fargo Hybrid and Preferred Securities index closed 50 basis points higher. The index was up 20 bps at mid-morning.
GDP increased 0.7% in the fourth quarter, below the 0.8% growth rate that had been forecast.
Among recent new issues, Citigroup Inc.’s $900 million of 6.3% series S noncumulative preferreds were pegged at $25.25 early in the day.
The deal came Tuesday, upsized from $500 million and tighter than the 6.375% price talk.
Citigroup Global Markets Inc. was the bookrunner.
From Monday’s business, Qwest Corp.’s $235 million of 7% $25-par notes due 2056 were at par bid.
Deals priced by Bank of America Corp. and Wells Fargo & Co. last week meantime continued to be busy.
Continued gains in the price of crude oil helped oil and gas-linked preferreds gain ground on Friday – at least for the most part.
Vanguard Natural Resources LLC’s 7.625% series B cumulative redeemable preferred units (Nasdaq: VNRBP) rose $1.04, or 21.05%, to $5.98. Legacy Reserves LP’s 8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units (Nasdaq: LGCYO) meantime earned 16 cents, or 5.08%, to end at $3.31.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.