Midday Commentary: Preferreds stay strong as snow hits Northeast; Seaspan lists on NYSE

By Stephanie N. Rotondo

Phoenix, Feb. 14 - As the Northeast was getting pelted with another snowstorm, the preferred market was firming up in early Friday trading.

A trader said the weather plus the upcoming holiday weekend was resulting in many folks being away from their desks.

The Wells Fargo Hybrid and Preferred Securities index was up 13 basis points as of mid-morning.

Seaspan Corp.'s $125 million of 8.25% series E cumulative redeemable preferred stock was admitted to the New York Stock Exchange on Friday.

The deal came Feb. 6. The ticker symbol is "SSWPE."

Paper was trading at $24.95 early in the session, up 5 cents from the previous close.

On Thursday, the Hong Kong-based containership company said its over-allotment option had been partially exercised, bringing the total issuance up to $135 million.

Meanwhile, sector peer Diana Shipping Inc.'s $60 million of 8.875% series B cumulative redeemable perpetual preferreds were moving up smartly. A trader said he saw it quoted at $24.75 bid, $24.80 offered.

The deal came Monday and freed up Tuesday.

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