Morning Commentary: PS Business preferreds top par; Capital One lower; SoCal Edison down

By James McCandless

San Antonio, Oct. 25 – The preferred market started Friday on a negative trend with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.05%.

Leading early secondary trading volume, real estate investment trust PS Business Parks, Inc.’s new $300 million 4.875% series Z cumulative preferred stock was spotted trading above par.

The preferreds, trading under the temporary symbol “PSPBZ,” were seen at $25.15 on volume of about 969,000 shares.

Meanwhile, in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock started slightly lower.

The preferreds (NYSE: COFPrI) were off 1 cent to $25.27 with about 60,000 shares trading.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock was relatively active but unchanged.

The preferreds (NYSE: BACPrN) were level at $25.99 on volume of about 48,000 shares.

Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were losing ground.

The preferreds (NYSE: CPrN) were down 2 cents to $27.65 with about 38,000 shares trading.

Elsewhere, in utilities, Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities falling.

The preferreds (NYSE: SCEPrL) were dropping 32 cents to $23.53 on volume of about 37,000 shares.

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