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Morning Commentary: Preferred market firms ahead of Fed announcement; American Financial active
By Stephanie N. Rotondo
Phoenix, Sept. 17 – The preferred stock market was gaining strength early Wednesday ahead of a statement from the Federal Reserve.
The Wells Fargo Hybrid and Preferred Securities index was up 14 basis points at mid-morning.
The market is hoping to get some indication of the central bank’s monetary policy after its monthly meeting concludes Wednesday afternoon. There has been speculation that the Fed will alter language it uses in regards to when it will raise interest rates.
American Financial Group Inc.’s $150 million of 6.25% $25-par subordinated notes due 2054 were approaching par in early Wednesday trading, according to a trader.
He quoted the issue at $24.80 bid, $24.85 offered.
The deal came on Monday, upsized from $100 million and at the tight end of talk.
The new issue was priced via BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC.
The securities had not yet freed to trade as of mid-morning on Wednesday.
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