Midday Commentary: Market attempting to rebound; no word on Reinsurance Group's pulled deal

By Stephanie N. Rotondo

Phoenix, Aug. 20 - The secondary preferred stock market was "slightly green, for once," a trader said Tuesday.

As for the primary, he said the market was still focusing on news from Monday regarding the postponement of Reinsurance Group of America Inc.'s $300 million offering of $1,000-par fixed-to-floating rate subordinated debentures due 2053.

Market sources attributed the postponement to poor market conditions. Price talk was 7% to 7.125%, which one source deemed as "pretty attractive" after the deal was first announced on Monday.

One trader said he had not heard how long the deal would be shelved, though he opined "I think we're going to be pretty dead for the week."

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