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Preferred market stays strong ahead of holiday; energy names bounce with oil; Medley lists
By Stephanie N. Rotondo
Seattle, Dec. 23 Preferred stocks remained firm just ahead of Christmas Eve, but it was slow-going in terms of overall liquidity.
The market was up, but it was on very light very light volume, a market source said.
The Wells Fargo Hybrid and Preferred Securities index closed up 25 basis points.
Oil and gas-linked preferreds were even rebounding in Wednesday trading, following the latest domestic inventory reports.
Breitburn Energy Partners LPs 8.25% series A cumulative redeemable perpetual preferred units (Nasdaq: BBEPP), for instance, were up 41 cents, or 8.7%, at $5.12. Legacy Reserves LPs 8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units (Nasdaq: LGCYO) were up 39 cents, or 7.41%, at $5.65.
Vanguard Natural Resources LLCs 7.625% series B cumulative redeemable preferred units (Nasdaq: VNRBP) meantime ended at $9.06, up a dollar, or 12.41%.
Those gains came as domestic crude improved over 4% on the day, hitting $37.61 a barrel.
Medley Capital Corp.s $70 million of 6.5% $25-par notes due Jan. 30, 2021 listed on the New York Stock Exchange on Wednesday.
The ticker symbol is MCX. The deal priced Dec. 15.
A trader said the notes traded as high as $24.70 but came back in to be quoted at $24.50 bid, $24.59 offered.
The issue finished the day at $24.49.
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