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Midday Commentary: Preferred stocks sink as week concludes; Apollo notes soften after listing
By Stephanie N. Rotondo
Phoenix, Nov. 9 - Preferred stocks were still soft as the week was winding down, though overall volume was "not much," according to a trader.
"There's some softness to the market in newer listed stuff," he said, noting specifically Apollo Investment Corp.'s $150 million of 6.625% $25-par senior notes due 2042, which listed on the New York Stock Exchange on Thursday.
He said the issue had "broke through" $24.50 and was trading as low as $24.25.
The notes (NYSE: AIB) were down 17 cents at midday to $24.28.
But investors were little moved by word that Public Storage intended to redeem three series of its preferreds.
The company announced the call late Thursday. The real estate investment trust also reported third-quarter results during that session, showing a 34% increase in funds from operations.
Public Storage will call the 6.25% series Z cumulative preferreds, the 6.125% series A cumulative preferreds and the 6.18% series D preferreds on Dec. 27.
The Zs (NYSE: PSAPZ) were unchanged at $25.58, as where the Ds (NYSE: PSAPD), which were seen at $25.52 at midday. The As (NYSE: PSAPA) were down 6 cents at $25.45.
The issues will be redeemed at par plus accrued dividends.
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