Midday Commentary: Oxford Lane reopens 7.5% term preferreds; City National admitted to NYSE

By Stephanie N. Rotondo

Phoenix, Nov. 12 - Preferred stocks were trading flat to down slightly as Tuesday trading got underway.

Oxford Lane Capital Corp. announced an add-on offering to its 7.5% series 2023 term preferred shares early in the day.

The company initially sold $20 million of the preferreds on June 30.

The preferreds (Nasdaq: OXCLO) were off $1.06, or 4.48%, on the back of the news, with paper trading at $22.60 as of mid-morning.

Meanwhile, City National Corp.'s $100 million of 6.75% series D fixed-to-floating rate noncumulative preferred stock listed on the New York Stock Exchange under the ticker symbol "CYNPD."

Early in the session, the preferreds were trading at $25.23, which compared to opening levels of $25.30.

The deal came Oct. 31.

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