Maiden Holdings trades mixed; Goldman Sachs, Edison International preferreds weaken

By James McCandless

San Antonio, Nov. 12 – The preferred market started the first day of a new week moving lower amid generally negative news.

Maiden Holdings, Ltd.’s 7.75% notes due 2043 and its 8.25% series A non-cumulative preference shares were mixed in Monday’s session.

In the finance space, the Goldman Sachs Group, Inc.’s 5.5% fixed-to-floating rate non-cumulative perpetual preferreds led the sector lower.

Bank of America Corp.’s 5.875% series HH non-cumulative preferreds and JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock followed the negative trend.

Elsewhere, in utilities, Southern California Edison Co., a subsidiary of Edison International, saw its 5% cumulative trust preferreds fall.

Maiden Holdings mixed

Leading the secondary by volume, Maiden Holdings’ 7.75% notes due 2043 saw a boost during the Monday session while its 8.25% series A non-cumulative preference shares declined.

The 7.75% notes (NYSE: MHNC) were up $3.01 to close at $23.32 on volume of about 520,000 notes.

The series A preferreds (NYSE: MHPrA) were down $2.69 to close at $15.05 on volume of about 168,000 shares.

After the close on Friday, the company reported a loss of $2.83 for the third quarter, missing analyst predictions of an 18 cents per share profit.

Goldman Sachs lower

Meanwhile, in the finance space, Goldman Sachs’ 5.5% fixed-to-floating rate perpetual non-cumulative preferreds declined.

The preferreds (NYSE: GSPrJ) were down 3 cents to close at $25.00 with about 256,000 shares trading.

Elsewhere in the sector, Bank of America’s 5.875% series HH non-cumulative preferreds also traded down in Monday trading.

The preferreds (NYSE: BACPrK) were off 9 cents to close at $24.67 on volume of about 197,000 shares trading.

On Friday, the preferreds lost 2 cents.

JPMorgan’s 5.75% series DD non-cumulative preferred stock followed the negative trend.

The preferreds (NYSE: JPMPrD) were edged 1 cent lower to close at $24.93 with about 163,000 shares trading.

SoCal Edison falls

Southern California Edison’s 5% cumulative trust preferreds declined.

The preferreds (NYSE: SCEPrL) were down 63 cents to close at $20.09 on volume of about 169,000 shares.

The market targeted California-based utilities on Monday as investors grow concerned that the company’s assets will be damaged by active wildfires in the state.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.09% at the end of the session, reversing a 0.01% gain at the start of Monday trading.

The iShares US Preferred Stock ETF declined 17 cents to $35.94.

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