Morning Commentary: Preferreds open higher; Global Ship Lease lists on NYSE; Taylor TruPs called

By Stephanie N. Rotondo

Phoenix, Aug. 25 – Preferred stocks were firm as Monday’s session got underway, according to the Wells Fargo Hybrid and Preferred Securities index.

The index was up 4 basis points at mid-morning.

Global Ship Lease Inc.’s $35 million of 8.75% series B cumulative redeemable preferreds began trading on the New York Stock Exchange, a market source reported.

The deal came Aug. 13 via Morgan Stanley & Co. LLC. The Ticker symbol is “GSLPB.”

The paper was trading at $24.50 at mid-morning, down from opening levels of $24.60. The preferreds had already traded as low as $24.45.

Meanwhile, a trader said it was “not a surprise” that MB Financial Inc. called Taylor Capital Group Inc.’s 9.75% trust preferred securities, given that the companies completed a merger on Aug. 18.

The Chicago-based company announced the redemption on Friday for Sept. 22. Come Monday, the preferreds (Nasdaq: TAYCP) were off 30 cents, or 1.15%, at $25.57.

The call price is par plus accrued dividends.

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