Midday Commentary: Preferred market dealings remain muted; Regions' new issue on the rise

By Stephanie N. Rotondo

Phoenix, Nov. 2 - The preferred stock market was ending the week as it began: slow.

"There's nothing new on the horizon," a trader said, speculating that the primary market could get back in the swing of things next week. The calendar has been nearly bare all week due to Hurricane Sandy.

Regions Financial Corp.'s $500 million issue of 6.375% series A noncumulative perpetual preferreds - a deal that priced Oct. 25 - was moving higher, just one day after the company said it would use proceeds from that offering to redeem its 8.875% trust preferreds.

A trader pegged the issue at $24.85 at midday, up from $24.80 just 24 hours prior.

The TruPs (NYSE: RFPZ) meantime were down 12 cents at $25.45.

That issue will be redeemed Dec. 3.

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