Preferred stocks mixed as week closes; PS Business lists on NYSE; Colony, TCF active

By Stephanie N. Rotondo

Seattle, Sept. 22 – Going into the end of the week, the preferred stock market was trading mixed as the broader markets drifted downward amid growing tensions between the United States and North Korea.

North Korea said it was considering testing a hydrogen bomb in the Pacific Ocean, which was a response to comments made by president Donald Trump at the United Nations earlier in the week. In his remarks, Trump indicated he was willing to use force on the reclusive nation.

The Wells Fargo Hybrid and Preferred Securities index finished the day up 12 basis points. The U.S. iShares Preferred Stock ETF, however, waned 10 bps.

More recently priced issues were getting listed on Friday, with PS Business Parks Inc.’s $200 million of 5.25% series X cumulative preferred stock being the latest to join the New York Stock Exchange. The ticker is “PSBPrX.”

Paper was trading at $25.12 at the close, down 13 cents.

The issue priced on Sept. 12.

Meanwhile, deals priced earlier in the month were on the active side – relatively speaking, as overall trading was limited.

One such issue was Colony NorthStar Inc.’s 7.125% series J cumulative redeemable preferreds, which were holding steady at $25.03.

Another busy issue was TCF Financial Corp.’s 5.7% series C noncumulative perpetual preferred stock. The paper was up a dime at $25.29.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.