Midday Commentary: Allstate preferreds free to trade; Entergy Arkansas' $25-par bonds list on NYSE

By Stephanie N. Rotondo

Phoenix, June 6 - After a moderately active - and soft - week, the preferred stock market was a little subdued on Thursday, according to a trader.

"People are not focused on preferreds right now," he said. Even some Street brokers were lamenting to lack of activity, he noted.

"That could all change tomorrow with the jobs numbers," he added.

In the primary, Allstate Corp.'s new $250 million of 5.625% series A noncumulative perpetual preferreds freed up early in the session, after pricing on Wednesday.

A trader said the market for paper was $24.76 to $24.93.

First PacTrust Bancorp Inc.'s new $35 million issue of 8% series C noncumulative preferreds meantime were pegged at $24.55 bid at midday.

That issue also came on Wednesday.

Elsewhere, Entergy Arkansas Inc.'s $125 million of 4.75% $25-par first mortgage bonds due 2063 listed on the New York Stock Exchange Thursday.

The deal priced May 28. The ticker symbol is "EAE."

The notes were trading at $23.00 as of midday.

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