Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Review > Headlines for 2018 > News item |
Morning Commentary: Preferred stocks mixed in first trading day of 2018; Kimco, Cowen flat
By Cristal Cody
Tupelo, Miss., Jan. 2 – Preferred stocks opened the New Year on Tuesday mostly mixed in thin activity.
The Wells Fargo Hybrid and Preferred Securities index was down 4 basis points on the morning.
The U.S. iShares Preferred Stock ETF rose 5 bps.
Market activity remained light at the start of the session. In the primary market, no issuers were reported to be marketing securities.
Among recent deals, Kimco Realty Corp.’s 5.25% class M cumulative redeemable preferred shares (Baa2/BBB-/BBB-) were not active and remained unchanged at $24.62 in trading over the counter under the temporary symbol “KMCCP.”
Kimco, a New Hyde Park, N.Y.-based real estate investment trust, priced $230 million of the $25-par class M cumulative redeemable preferred shares on Dec. 11.
The shares are expected to start trading on the New York Stock Exchange within 30 days of issuance under the permanent ticker symbol “KIMPrM.”
Cowen Inc.’s 7.35% senior notes due Dec. 15, 2027 (Nasdaq: COWNZ) priced in December also were unchanged at $25.70 in early trading.
The New York-based financial services firm sold $120 million of the $25-par notes on Dec. 5.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.