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CHS, Vanguard issues get temporary symbols; Allstate to list; 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. The index eventually came in a bit, though it still ended the day up 1 bp.
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.
After the close, another market source said CHS ended flat at $25.50, though the issue saw trading of about 2.23 million shares. Vanguard was also unchanged at $24.78, on "good volume" of just over 719,000 shares.
Among other recent deals, the Allstate Corp.'s $650 million issue of 6.625% series E fixed-rate noncumulative preferreds is expected to list on the New York Stock Exchange on Friday.
The deal priced Feb. 24. The ticker symbol will be "ALLPE."
Around mid-afternoon, a trader saw the issue at $24.85 bid, $24.95 offered.
Another source pegged the preferreds at $24.92 at the close, up 2 cents on trading of over 848,000 shares.
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 midday at $25.23. They closed up 9 cents at $25.20.
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