Morning Commentary: Public Storage, CoBank new issues get temporary symbols; State Street steady

By Stephanie N. Rotondo

Phoenix, Nov. 21 – Recent preferred stock deals remained in focus in early Friday trading.

A trader said Public Storage’s new $175 million issue of 5.875% series A cumulative perpetual preferreds had been assigned a reporting symbol.

The deal came Thursday. The temporary symbol is “TBSTP.”

However, he was not sure if the deal had freed to trade.

The trader saw the issue trading in a $24.70 to $24.80 context.

CoBank ACB’s $300 million of 6.2% fixed-to-floating rate perpetual preferreds – a $100-par deal from Wednesday’s business – also got a temporary ticker, the trader said.

The symbol is “CKNQP.”

That paper was trading around 100.3, he said.

State Street Corp.’s $750 million of 6% series E fixed-rate noncumulative perpetual preferreds were holding around $24.92, according to the trader.

That deal came Tuesday.

“I don’t know if we’ll see any more deals next week [due to the Thanksgiving holiday], but when we get back [the primary space] should be pretty busy,” the trader said.

Overall, preferred stocks continued to trade strongly.

The Wells Fargo Hybrid and Preferred Securities index was up 6 basis points at mid-morning.

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