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Morgan Stanley’s preferreds strengthen, lead trading; Allstate’s recent issue gains
By James McCandless
San Antonio, April 10 – The preferred secondary market saw an active overall day after starting quietly Tuesday morning, traders reported.
Morgan Stanley’s series K preferred stock was the market’s most active issue and strengthened on the day.
Allstate Corp. also led in the secondary market again with its recent $500 million issue of $25-par series G perpetual preferred shares.
Citigroup Inc. was another financial name trading up and adding volume with its series N preferred stock.
Morgan Stanley leads trading
In a positive day for the preferred market as a whole, Morgan Stanley led in volume with its series K preferred shares.
“It was quieter in the morning, but these really started to lead as the afternoon went on,” a trader said. “There was no news behind it, but the market had a good day and this particular stock got caught up in a positive swing.”
The series K preferreds rose 8 cents to close at $25.98.
Allstate rises
Allstate’s recently priced $500 million of $25-par series G perpetual preferred shares also got caught up in positive trading, placing as one of the leaders in the secondary market.
The 5.625% preferreds traded up 3 cents to close at $25.26.
Citigroup also up
Citigroup was another financial name that saw its preferreds climb upward as the market trended higher.
“Their series N preferreds were another active security,” a trader said. “It was a good day for financial firms in trading.”
The series N preferreds gained 6 cents to close at $27.22.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index ended the day down 0.01% after being up 0.09% in early trading on a generally positive day for preferreds.
The iShares US Preferred Stock ETF closed up 6 cents to end at $37.30.
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