Oxford Lane reopens 7.5% term preferreds; City National lists on NYSE; called issues busy

By Stephanie N. Rotondo

Phoenix, Nov. 12 - Preferred stocks traded off by Tuesday's market close, with the Wells Fargo Hybrid and Preferred Securities index losing 13 basis points.

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 $1.15, or 4.86%, on the back of the news, with paper closing at $22.51.

A market source said he had heard the company planned to price $25 million in the add-on.

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 preferreds finished the day at $25.08.

The deal came Oct. 31.

Called issues active

A trader said that liquidity was thin "away from Fannie and Freddie and the called issues."

ING Groep NV's 8.5% perpetual hybrid capital securities (NYSE: IGK) - an issue that was called on Nov. 6 for Dec. 15 - was one such issue, rising 2 cents to close at $25.52.

Wachovia Preferred Funding Corp.'s 7.25% series A noncumulative exchangeable perpetual preferreds (NYSE: WNAP) were also on that list, though the shares closed flat at $25.41.

The deal was called on Nov. 6 for Jan. 2. The call price is $25.010069 per share.

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