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Morning Commentary: Geopolitical concerns driving preferreds around; Paragon lags behind par
By Stephanie N. Rotondo
Phoenix, Aug. 6 – Preferred stocks were higher Tuesday, though a trader said the market’s movements were largely geopolitical and not based on anything necessarily specific to the market.
For instance, the trader noted that Treasuries were rallying as new data suggested Italy is in a recession and the U.S. trade deficit unexpectedly shrunk. He also mentioned that NATO was forecasting a Ukrainian incursion from the Russians.
“We’re getting a ton of mixed signals,” he said in regards to the economy’s overall health.
The Wells Fargo Hybrid and Preferred Securities index was up 4 basis points at mid-morning.
In recent deals, Paragon Shipping Inc.’s $25 million of 8.375% $25-par senior notes due 2021 were seen offered at $24.65 early in the session.
The deal priced Tuesday, in line with talk.
Deutsche Bank Securities Inc. and Jefferies & Co. were the joint bookrunners.
The Athens, Greece-based drybulk shipping company plans to use the proceeds to pay down existing debt.
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