Midday Commentary: Preferreds steady as desks empty; JMP's $25-par notes list on NYSE

By Stephanie N. Rotondo

Phoenix, Feb. 13 - Preferred stocks were treading water Thursday as more inclement weather neared the East Coast.

One trader speculated that the dismal weather conditions combined with an upcoming three-day weekend was resulting in many players opting to throw in the towel for the week.

As of mid-morning, the Wells Fargo Hybrid and Preferred Securities index was trading flat.

JMP Group Inc.'s $42 million of 7.25% $25-par senior notes due 2021 listed on the New York Stock Exchange on Thursday.

The issue priced Jan. 22. The ticker symbol is "JMPC."

Early in the day, the issue was trading at $24.80, versus an opening level of $24.75.

On Wednesday, the company said its $6.3 million greenshoe had been fully exercised, bringing the total issuance to $48.3 million.

Meanwhile, a trader said AmTrust Financial Services Inc. had released "strong earnings" on Thursday. In response, the company's 6.75% series A noncumulative preferreds (NYSE: AFSIPA) were inching higher.

At midday, the issue was up 6 cents at $21.85.

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