Midday Commentary: Preferreds gain early, trade flat at midday; Synovus admitted to NYSE

By Stephanie N. Rotondo

Phoenix, July 30 - The preferred stock market was trading flat as of midday on Tuesday, despite being up slightly earlier in the day.

"We were up this morning; then we sold off a little," a trader said. He attributed the early strength to new economic data that was "in line" with expectations.

"It's a mixed market," he added. "Nothing is really standing out."

Synovus Financial Corp.'s $130 million of 7.875% series C fixed-to-floating rate noncumulative preferreds hit the New York Stock Exchange, as was expected.

The deal priced July 22. The ticker symbol is "SNVPC."

The paper was trading up 29 cents, or 1.13%, to $26.04. A trader said the market for paper was $25.85 bid, $26.04 offered.

The market was meantime waiting for Costamare Inc. to price its offering of series B cumulative redeemable preferreds.

The deal was first announced on Monday, and price talk was placed between 7.625% and 7.75% on the non-rated issue.

A trader saw a gray market quote of $24.60 bid, $24.75 offered at midday.

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