Morning Commentary: Preferreds poised for week of straight gains; 1347 deal still in process

By Abigail W. Adams

Portland, Me., Feb. 23 – The preferreds market is poised to see a week of straight gains with both the Wells Fargo Hybrid & Preferred Securities Financial index and the U.S. iShares Preferred Stock ETF up in early trading on Friday.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.23% and the U.S. iShares Preferred Stock ETF was up 0.27% early in the session.

1347 Property Insurance Holdings Inc. has yet to price its offering of $20 million, or 800,000 shares, of 8% series A perpetual cumulative preferred stock. The preferred stock was set to price at $25.00 per share on Thursday.

However, investors did not find the deal from the Tampa, Fla.-based insurance holding company attractive, a market source said.

Dominion Resources’ 5.25% series A enhanced junior subordinated notes due 2076 were up in high volume trading on Friday. The notes were up 9 cents, or 0.40%, to $23.97.

The 5.25% notes had already eclipsed their three-month average trading volume less than two hours after the opening bell.

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