Preferreds steady ahead of holiday; Entergy Texas' 5.625% $25-par notes list on NYSE

By Stephanie N. Rotondo

Phoenix, May 23 - It was looking to be a muted day for the preferred stock market on Friday, as desks were emptying ahead of the three-day Memorial Day holiday.

In addition to there being low liquidity, the market was also softening a touch early in the day.

The Wells Fargo Hybrid and Preferred Securities index was down 3 basis points as of mid-morning. However, by the close the index had come back to end unchanged for the day.

Entergy Texas Inc.'s $135 million of 5.625% first mortgage bonds due 2064 - a $25-par issue that came May 13 - began trading on the New York Stock Exchange.

The ticker symbol is "EZT."

A trader quoted the issue at $25.05 bid, $25.10 offered at mid-morning. Paper opened at $25.11.

The notes finished the day at $25.15.

Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities LLC were the joint bookrunning managers.

Elsewhere in the secondary market, Royal Bank of Scotland Group plc's 6.25% noncumulative guaranteed trust preferred securities (NYSE: RBSPI) were quite busy, with 1.36 million shares being traded.

The shares ended at $24.01, down 3 cents.

Also active were American Realty Capital Properties Inc.'s 6.7% series F cumulative redeemable preferreds (Nasdaq: ARCPP), which had at least 600,000 shares trade.

Those shares closed at $23.65, up 11 cents.

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