New Public Storage holds steady; Oxford Lane rises post-pricing; Wells Fargo, Goldman active

By Stephanie N. Rotondo

Phoenix, May 30 - The preferred stock market remained on an upward tick as the shortened holiday week came to close.

At mid-morning, the Wells Fargo Hybrid and Preferred Securities index was up 2 basis points. It closed up 10 bps.

Public Storage's $250 million of 6% series Z cumulative preferreds were holding in at $24.98 bid, a trader said early in the session.

At the close, another market source said the shares ended the week at $24.95.

The deal priced Wednesday, coming upsized from $150 million.

A trader noted that the paper had been assigned a temporary trading symbol of "PSAPP."

From Thursday business, Oxford Lane Capital Corp.'s $28 million issue of 8.125% series 2024 term preferreds were pegged at $24.80 bid, $24.92 offered.

The issue had closed in a $24.65 to $24.85 context on Thursday, according to a trader.

Another market source saw the issue quoted at $24.90 bid, par offered at mid-morning.

The issue priced late Thursday.

Ladenburg Thalmann & Co. Inc. and Deutsche Bank Securities Inc. were the joint bookrunners.

The preferreds must be redeemed on June 30, 2024 at par plus accrued dividends, but they can be redeemed before that date starting on June 30. 2017.

Wells Fargo, Goldman busy

Wells Fargo & Co.'s 5.85% series Q fixed-to-floating-rate noncumulative perpetual preferreds (NYSE: WFCPQ) were active on Friday, with about 1.64 million shares being traded.

The preferreds ended the day up a penny at $26.02.

The gain came on the heels of news on Thursday regarding a $62.5 million settlement the San Francisco-based bank had agreed to pay out.

The settlement is in regards to a lawsuit brought by a group of institutional investors who claimed that the company falsely advertised the quality of securities it sold.

Meanwhile, Goldman Sachs Group Inc. saw a fair bit of activity in the final trading session of the week.

The 5.5% series J fixed-to-floating-rate noncumulative preferreds (NYSE: GSPJ) rose 3 cents to $24.05, with about 1.07 million shares traded. Another 1.78 million of the 6.375% series K fixed-to-floating-rate noncumulative preferreds (NYSE: GSPK) were exchanged, but that issue closed down 2 cents at $25.90.

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