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GSE preferreds active on otherwise ‘light side’ volume session; Chimera up slightly
By Colin Hanner
Chicago, Feb. 24 – Volume was “very much on the light side” in the preferred stock market on Friday, a market source said, capping off a week characterized largely by fluctuating government-sponsored enterprise issues.
The preferred market was “way behind with the Treasury market,” the source said, adding that there were only a handful of issues with more than 200,000 traded.
The Wells Fargo Hybrid and Preferred Securities index was up 18 basis points, a 6 bps boost since mid-morning, and the U.S. iShares Preferred Stock index was up 21 bps, holding the same level it had during the morning session.
In the primary space, newly priced Chimera Investment Corp.’s $300 million sale of 8% series B fixed-to-floating rate cumulative redeemable preferreds were up 2 cents to $24.87.
“Volume was pretty decent in that particular issue,” a market source said, adding that there was 2.6 million issues traded.
There was no new chatter surrounding real estate investment trust Physicians Realty Trust (NYSE: DOC), which filed a shelf filing on Friday, an indication that it may bring preferreds to market soon, a trader said mid-morning.
For GSEs, two issues continued to be at or near the top of the most-active list.
Fannie Mae’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) were up 47 cents, or 6.65%, to $7.54.
And Freddie Mac’s 8.375% fixed-to-floating rate noncumulative preferreds (OTCBB: FMCKJ) were up 32 cents, or 4.81%, to $6.97.
Elsewhere in the secondary sphere, Capital One Financial Corp.’s 6% series H fixed-rate noncumulative depository preferreds (NYSE: COFPrH) were up 8 cents, or 0.32%, to $25.45.
DDR Corp.’s 6.5% cumulative redeemable depository preferreds (NYSE: DDRPrJ) were down 4 cents, or 0.14%, to $25.21.
And Barclays Bank plc’s 8.125% noncumulative callable preferreds (NYSE: BCSPrD) were flat at $26.33.
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