Financials fall; Pennsylvania REIT lists; Morgan Stanley better; Just Energy lackluster

By Stephanie N. Rotondo

Seattle, Feb. 1 – The preferred stock market was flat in midweek trading, and a trader said there was “a lot of talk” about a possible Dodd-Frank repeal.

The trader said he had heard that there was a bill circulating that would “allow banks to do what they were doing” ahead of the financial crisis, but added that “it looks like it is going to die on the floor.”

Also notable for the day was the Federal Reserve’s announcement that it was holding interest rates steady for the time being, though it believed that there remained positive signs in the economy.

Still, financials were softer in the wake of the news.

Among recent deals, Pennsylvania Real Estate Investment Trust’s $172.5 million of 7.2% series C cumulative redeemable preferreds began trading on the New York Stock Exchange on Wednesday.

The ticker is “PEIPrC.”

The paper was seen at $25.10 at the close, compared to $25.11 at mid-morning.

Meanwhile, Morgan Stanley & Co. Inc.’s $1 billion of 5.85% series K fixed-to-floating rate noncumulative preferreds closed at $25.22, which was up 10 cents from the previous session but unchanged from the open.

And from Monday’s business, Just Energy Group Inc.’s $100 million of 8.5% series A fixed-to-floating rate cumulative redeemable preferreds had yet to gain any traction, according to a trader.

The trader said the preferreds were offered at $24.55.

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