Morning Commentary: Preferreds end week firm; KKR deal not yet free; BB&T lists on NYSE

By Stephanie N. Rotondo

Seattle, March 11 – The preferred stock market had a strong tone in early Friday trading, following the broader markets higher.

The Wells Fargo Hybrid and Preferred Securities index was up 34 basis points at mid-morning.

As for the broader market, its gains were attributed to rising oil prices, as well as continued reaction to the European Central Bank’s stimulus program, which was announced Thursday.

The primary pipeline quieted down for the session, following two weeks of steady flows. A trader said KKR & Co. LP’s $300 million of 6.75% series A noncumulative perpetual preferred units – a deal priced Thursday – had not yet freed to trade as of mid-morning.

He pegged the new issue at $24.75 bid, $24.80 offered.

Meanwhile, BB&T Corp.’s $425 million of 5.625% series H noncumulative perpetual preferreds began trading on the New York Stock Exchange on Friday.

The ticker symbol is “BBTPH.” The deal priced March 2.

The preferreds were seen at $24.94 in early trading, which compared to opening levels of $25.05.

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