Midday Commentary; Kennedy-Wilson new issue quiet; Pitney Bowes frees from syndicate

By Stephanie N. Rotondo

Phoenix, Nov. 21 - The preferred stock market was not getting much play Wednesday as the market geared up for Thanksgiving.

"I think everything's turned off until next week," a trader said.

There was "not much action" in Kennedy-Wilson Holdings Inc.'s newly priced $50 million issue of 7.75% $25-par senior notes due Dec. 1, 2042, the trader commented, seeing a $24.65 offer for the paper.

The deal came late Tuesday. As previously reported, market sources were not enthusiastic about the name, as it is not very well known.

Meanwhile, Pitney Bowes Inc.'s new $100 million issue of $25-par senior notes due 2022 freed from the syndicate, according to a trader.

The issue priced late Monday.

A trader quoted the notes at $24.70 bid, $24.85 offered.

The preferred stock market will be closed Thursday in observance of Thanksgiving. Market players are expecting light dealings on Friday.

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