Morning Commentary: Preferred stock indexes open weaker; Farmer Mac preferreds improve

By Cristal Cody

Tupelo, Miss., May 9 – Preferred stocks opened mostly softer on Thursday with indexes down.

The Wells Fargo Hybrid and Preferred Securities index declined 0.20% after closing Wednesday up 0.02%.

The U.S. iShares Preferred Stock ETF fell 10 cents, or 0.28%, to $36.27. The iShares ETF ended the previous session up 2 cents at $36.37.

Federal Agricultural Mortgage Corp.’s $100 million of $25-par series D 5.7% non-cumulative perpetual preferred stock that priced on Wednesday was admitted for over-the-counter trading under the symbol “FMTPP”.

The preferreds were up 6 cents, or 0.24%, in pink slip trading early Thursday at $24.94.

Farmer Mac, a Washington, D.C.-based lender for agricultural and rural communities, plans to use the proceeds to redeem the $75 million aggregate outstanding par value and liquidation preference of its outstanding series B 6.875% non-cumulative preferred stock and for general corporate purposes.

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