Preferred market quiet amid chatter that Citi could call securities early

By Andrea Heisinger

New York, April 28 - The preferred stock market continued its run of being quiet on Thursday. A source said volume is expected to remain low for a while.

"Everything continues to run up," he said early in the afternoon. "It's so quiet. We were just trying to figure out the conversion of the GM issues."

There haven't been any large preferred stock issues lately, and that is likely to be the case for the next couple of months.

"We may see some structured products and are hoping for some shelf registration [preferreds]," the source said.

Some large banks have sold bonds since coming out of earnings blackout but have made no firm announcements of preferred sales.

There was speculation that Citigroup Inc. could call some securities early, including preferreds, one market source said.

"That was about the only thing new today," he added.

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