Morning Commentary: Seaspan unchanged on listing; Pacific Gas & Electric trades mixed

By Abigail W. Adams

Portland, Me., Sept. 28 – The preferreds secondary space opened Friday largely flat with light trading volume with the iShares US Preferred Stock ETF flush at $37.06 and the Wells Fargo Hybrid & Preferred Securities Financial Index up a slight 0.02%.

Seaspan Corp.’s series I fixed-to-floating rate cumulative redeemable perpetual preferred shares are now trading on the New York Stock Exchange under the ticker “SSWPrI.”

The notes were largely unchanged upon the listing with the notes continuing to trade at a premium to their issue price at $25.20.

Seaspan priced a $150 million offering of the $25-par 8% preferred stock on Sept. 12.

Meanwhile, Pacific Gas & Electric’s preferred stock was mixed early Friday with some issues seeing large gains and others large losses.

The utility company’s 4.8% cumulative redeemable first preferred stock traded up to $22.10, an increase of $1.21 or 5.8%, early in Friday’s session.

However, Pacific Gas & Electric’s 5% cumulative non-redeemable first preferred stock and 6% cumulative nonredeemable first preferred stock were trading down.

The 5% preferreds traded down to $21.03, a decrease of 31 cents or 1.46%. The 6% preferreds traded down to $25.10, a decrease of 21 cents or 0.83%.

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