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Preferreds start week with gains; PG&E preferreds mixed after rating downgrades
By Abigail W. Adams
Portland, Me., Feb. 26 – The preferreds market started the week off on a positive foot with both the Wells Fargo Hybrid & Preferred Securities Financial index and the U.S. iShares Preferred Stock ETF closing Monday with gains.
The Wells Fargo Hybrid & Preferred Securities Financial index closed Monday’s session up 0.27%. The U.S. iShares Preferred Stock ETF was up 0.38%. Both market indicators saw a straight week of gains last week after seeing losses for most of February.
Last week ended with the pricing of a new deal. 1347 Property Insurance Holdings Inc. priced a downsized offering of $16 million, or 640,000 shares, of 8% series A perpetual cumulative preferred stock at $25.00 per share after the market close Feb. 23.
The new offering has not yet freed for trade in over the counter markets. The preferred stock will be listed on Nasdaq under the ticker “PIHPP.”
PG&E Corp. and Pacific Gas & Electric Co. preferreds were mixed on Monday with some seeing gains and others losses after both S&P and Fitch Ratings downgraded the San Francisco-based electric utility.
Fitch Ratings downgraded PG&E and Pacific Gas & Electric on Monday to BBB+ from A- on Monday, as a result of potential exposure to third party liabilities associated with the wildfires.
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