| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers F > Headlines for Freddie Mac > News item |
Morgan Stanley preferreds active on redemption news; Countrywide up; Fannie, Freddie dip
By Christine Van Dusen and Aleesia Forni
Atlanta, April 29 – Morgan Stanley & Co. Inc. remained in focus among preferred stocks on Wednesday following the company’s late-Monday announcement that it would redeem certain trust preferred securities.
On Tuesday the company’s preferreds were among the most actively traded, and the same held true on Wednesday.
Morgan Stanley Capital Trust VIII’s 6.45% capital securities traded down 9 cents to $25.20 on 97,140 shares traded on Wednesday morning. In the afternoon, action for the notes shot up, and they were spotted down 5 cents to $25.24 on 1.29 million shares traded.
Morgan Stanley Capital Trust VII’s 6.6% capital securities traded Wednesday up a penny to $25.11 on 492.856 shares traded.
In other trading on Wednesday afternoon, Countrywide Capital V’s 7% capital securities moved up 3 cents to $25.66 on 155,312 shares traded. The company is among several with older trust preferreds outstanding that are now callable.
Also on Wednesday, RBS Capital Funding Trust V’s 5.9% noncumulative guaranteed trust preferred securities were higher by 7 cents, trading at $24.76 on 54,242 shares traded.
Fannie, Freddie decline
Overall, the preferred stock market was weaker in trading Wednesday, as the Federal Reserve concluded the final day of its two-day policy meeting.
“Everything’s a little softer, with the stock market sell-off and the Treasury sell-off,” a trader said early in the session.
The Wells Fargo Hybrid and Preferred Securities index was down 3 bps at mid-morning.
Fannie Mae and Freddie Mac preferreds declined early during the session.
Fannie’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) declined 5 cents in the morning before closing the session down a penny to $4.83.
Freddie’s 8.375% fixed-to-floating rate noncumulative perpetual preferreds (OTCBB: FMCKJ) were down 7 cents, to $4.80, before closing on Wednesday at $4.84, down 3 cents.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.