Midday Commentary: Jobs number boosts preferreds, though market muted; recent deals faring better

By Stephanie N. Rotondo

Phoenix, June 7 - A new jobs number that was "just right" helped the preferred stock market firm on Friday, though "nothing is going on in size," a trader said.

Recently priced deals were doing a little better than they were earlier in the week. AmTrust Financial Services Inc.'s $115 million of 6.75% series A noncumulative perpetual preferreds - a deal that came Monday - were offered at $24.50 at midday.

"It's been trading around," a trader said, noting that paper had traded at $24.55 earlier in the session. He guessed that the bid for paper was around $24.25, which would put trades around $24.35, he said.

First PacTrust Bancorp Inc.'s $35 million of 8% series C noncumulative perpetual preferreds - which priced Wednesday - were meantime seen at $24.70 bid, par offered.

Also from Wednesday, Allstate Corp.'s $250 million of 5.625% series A noncumulative perpetual preferreds were pegged at $24.85 bid at midday.

"That seemed to have been received pretty well during a soft market," a trader said.

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