Sell-off in preferreds continues; June seen as ugly month for market; PartnerRe closer to par

By Andrea Heisinger

New York, June 13 - The preferred stock market was void of new deals on Monday as traders watched for shelf filings and how previous issues performed.

One source called the market "boring, dead" and said that "things have sold off."

It is a month when many companies are paying dividends on preferred stock issues, the source said.

"It's one of those months when prices are jumping around," he added.

Overall, the preferred market is "doing OK," a source said.

"People got nervous, and there was a sell-off last week," the source said.

Another market source echoed that there wasn't much activity in either the primary or secondary.

"In weeks past you would see a lot of selling on Friday and buying on Monday, but not today," the market source said.

Most people in the market on top of potential issuers of preferreds are waiting for economic news, he said.

"I think it's going to be a rough month."

PartnerRe, Qwest keep gains

PartnerRe Ltd.'s recent sale of 7.25% series E cumulative perpetual preferred stock inched closer to par on Monday, a trader said, after slipping a bit on Friday.

"We did see a rebound in PartnerRe," the source said.

A trader quoted the paper at $24.90. The shares had been at $24.82 bid, $24.90 offered on Friday.

Meanwhile, Qwest Corp.'s recent $575 million issue of 7.375% 40-year notes sold at par of $25.00 were also quoted trading at "about $24.90," a trader said.

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