Midday Commentary: Preferred market sluggish; Southern California Edison paper lists on NYSE

By Stephanie N. Rotondo

Phoenix, Feb. 4 - The preferred stock market was getting off to a sow start Monday as people were still getting over their "Super Bowl hangovers," a trader quipped.

"I thought we'd see a deal or two, but nothing is coming out," the trader added. However, he said perhaps the deals would start to flow come Tuesday, noting that he expected Wells Fargo & Co. to bring a new deal soon, given a recently announced redemption.

Southern California Edison Co.'s SCE Trust II-linked 5.1% trust preference shares - a $400 million issue that priced Jan. 23 - listed on the New York Stock Exchange Monday under the symbol "SCEPG." A trader said the securities "opened surprisingly flat," quoting them at $24.50 bid, $24.57 offered.

The issue was trading at $24.57 at midday, down 11 cents from the previous close.

Also listed were PennantPark Investment Corp.'s 6.25% $25-par senior notes due 2025. That $67.5 million issue came Jan. 16.

The notes listed under the symbol "PNTA." Paper was trading at $24.70 at midafternoon, down from opening levels of $24.75.

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