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Morning Commentary: Preferred stocks continue on lower course; Ashford Hospitality joins calendar
By Stephanie N. Rotondo
Seattle, July 6 – The preferred stock market remained in retreat in early Wednesday trading, following along with the broader markets.
The Wells Fargo Hybrid and Preferred Securities index was off 17 basis points at mid-morning.
Despite the market’s weak tone, Ashford Hospitality Trust Inc. announced plans to sell at least $75 million of series F cumulative preferred stock.
A trader said there was no selling group on the deal.
“They may try to grow that,” he said, seeing a $24.75 bid for paper in the early gray market.
Price talk is in a 7.5% area, according to a market source.
Morgan Stanley & Co. LLC and UBS Securities LLC are running the books.
Proceeds will be used to redeem the 9% series E cumulative preferreds (NYSE: AHTPE). That issue was trading down 18 cents at $25.31 at mid-morning.
In the secondary, Deutsche Bank AG’s preferreds continued to be under pressure.
The 8.05% trust preferreds (NYSE: DKT) were down 20 cents at $25.08, while the 7.6% TruPs (NYSE: DTK) were off 14 cents at $24.86.
The 6.55% trust preferreds (NYSE: DXB) declined 33 cents, or 1.35%, to $24.12.
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