Midday Commentary: Preferreds stay strong as week comes to an end; RBS mixed on share-sale plans

By Stephanie N. Rotondo

Phoenix, June 28 - Preferred stocks were still "bouncing around" on Friday, according to a trader.

"There's no real news for the push," he said, speculating that as it was quarter-end, accounts could be doing some last minute positioning.

Royal Bank of Scotland Group plc was trading mixed during the session, following news that the U.K. government - which holds an 82% stake in the Edinburgh, Scotland-based bank - was looking to appoint advisors to help begin the process of selling back RBS and Lloyds Banking shares.

The RBS preferreds (NYSE: RBSPT) were up 12 cents at midday at $23.47.

A trader said that Full Circle Capital Corp.'s $18.75 million of 8.25% $25-par notes due 2020 - a deal that priced Tuesday - had listed on the Nasdaq market under the ticker symbol "FULLL."

The issue was trading at $24.95 at midday, up 15 cents from the open.

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