Volumes for preferreds decline; RBS, JPMorgan, Goldman Sachs most active; primary quiet

By Christine Van Dusen

Atlanta, July 16 – The preferred stock market was off by a penny with lighter volumes for paying securities on Wednesday after Federal Reserve chairwoman Janet Yellen’s Tuesday remarks had market-watchers wondering whether rates could rise sooner than expected.

“For the most part, things are really quiet and bonds are relatively flat,” a trader said.

The busiest issue of the day was RBS Capital Funding Trust VII’s 6.08% noncumulative guaranteed trust preferred securities, which were flat at $24.05 on volume totaling 1.72 million.

JPMorgan Chase & Co.’s preferred shares, series E, were off about 5 cents to $25.015 on volume totaling 1.29 million.

Goldman Sachs Group Inc.’s series K preferreds finished Wednesday at $26.32, off a penny on 678,000 shares traded.

Capital One Financial Corp.’s series C preferreds ended the day flat at $27.74 on 400,000 shares traded.

And Morgan Stanley’s preferred shares, series G, closed at $25.73, off 2 cents on 381,000 shares traded.

Earlier in the day, Morgan Stanley’s floating-rate series A noncumulative preferred stock traded Wednesday morning at $20.85, up 19 cents on 33,378 shares traded.

Goldman Sachs Group’s floating-rate noncumulative preferred stock series A was spotted at $20.31, up 15 cents on 29,731 shares traded.

“Not a lot of activity,” a market source said, noting there were “no new issues.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.