Morning Commentary: Preferreds open slightly soft; Wells Fargo preferreds active, up modestly

By Cristal Cody

Tupelo, Miss., Dec. 8 – Preferred stocks opened mostly softer on Friday, while the deal pipeline stayed quiet.

The Wells Fargo Hybrid and Preferred Securities index fell 2 basis points.

The U.S. iShares Preferred Stock ETF slipped 1 bp.

Vornado Realty Trust’s 5.25% split-rated series M cumulative redeemable perpetual preferred stock that priced on Monday was flat in early trading at $24.80.

The preferreds (Baa3/BBB-/BB+) are trading over the counter under the temporary symbol “VNNDP.”

Vornado Realty Trust sold $300 million of the $25-par preferreds in Monday’s offering.

In other trading, financial preferreds were among the more actively traded at the start of the session.

Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred shares (NYSE: WFCPrJ) were active over the morning and edged up about 0.03% to $25.58.

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