Midday Commentary: No fuss over Gastar's new deal; Citigroup's recent issue gets reporting symbol

By Stephanie N. Rotondo

Phoenix, Oct. 28 - The preferred stock market was "real slow moving" on Monday, according to a trader.

"We were expecting to see a new deal," the trader said, noting that that had not yet come to pass. He added that he did see a new offering of series B cumulative preferreds from Gastar Exploration USA Ltd. but remarked that the sale "would not be making the front page."

As to recently priced deals, Citigroup Inc.'s $1.3 billion issue of 6.875% series K fixed-to-floating rate noncumulative preferreds got a new reporting symbol, a trader said.

The new symbol is "CTRGL." He said he was not sure when the issue would officially list on the New York Stock Exchange, seeing paper trade early Monday at $24.90.

The deal priced Thursday.

Meanwhile, Royal Bank of Scotland Group plc's preferreds were inching back up after getting hammered last week. A decision about how the U.K. government intends to deal with the bank's bad assets is expected to come Friday along with third-quarter results.

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