Morning Commentary: Preferreds trend flat after long weekend; regional bank could bring new deal

By Stephanie N. Rotondo

Phoenix, May 26 – The preferred stock market was getting off to a sleepy start on Tuesday following the long holiday weekend.

A trader noted that there was a “sell-off” in the broader markets, as oil prices declined and the euro weakened.

“So the dollar is obviously stronger,” he said.

The trader also said that the long bond was up a touch.

Still, there was at least one bright spot for the day, as new data showed home sales improved in April and median home prices gained.

The Wells Fargo Hybrid and Preferred Securities index was trying to gain ground, trading up 1 basis point at mid-morning.

Looking ahead, a trader said the new issue pipeline could see a deal coming from a regional bank, though he had heard no other details.

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