Midday Commentary: CHS, Vanguard new issues get temporary symbols; Cousins redeeming preferreds

By Stephanie N. Rotondo

Phoenix, March 6 - Preferred stocks were inching higher in early Thursday trading.

The Wells Fargo Hybrid and Preferred Securities index was up 8 basis points at midday, or 2 cents on average for $25-par issues.

A trader said CHS Inc.'s $365.22 million of 7.1% series 2, class B cumulative redeemable preferreds and Vanguard Natural Resources LLC's $175 million of 7.625% series B cumulative redeemable preferred stock units had both been assigned temporary trading symbols.

CHS' is "CHSPP" and Vanguard's is "VNRPP." Both issues priced Tuesday and freed up on Wednesday.

CHS was doing well, as the trader saw the preferreds trading in a range of $25.35 to $25.50. Vanguard was meantime pegged at $24.70.

In the secondary, Cousins Properties Inc. wrapped a common stock offering, the proceeds of which will go toward redeeming the company's 7.5% series B cumulative redeemable preferreds (NYSE: CUZPB).

At midday, the issue was "trading half a percent to call," according to a trader.

The preferreds were up 12 cents at $25.23.

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