Midday Commentary: Preferreds quiet as no new issues announced, Public Storage preferreds active

By Andrea Heisinger

New York, March 6 - There were no new offerings of preferred stock announced as of midday on Wednesday after two sales from Public Storage and PS Business Parks Inc. earlier in the week.

"We opened strong, but it's been fading a bit," a trader said. "Liquidity's OK."

A source said that the Public Storage 5.2% series X preferreds - a $200 million issue priced Monday and freed to trade Tuesday - were among the morning's most actively traded issues, with 195,000 shares trading at about $24.85. The shares had been seen at $24.90 at 10 a.m. ET, the source added.

Other issues seen trading included a La Salle Hotel Properties' 7.5% series H preferreds. The $25.00 par sale totaling $65 million was done on Jan. 19 and was seen in the secondary Wednesday at $24.85 to $24.92, a trader said.

A 5.45% 30-year senior note sold by Ventas Realty LP and Ventas Capital Corp. was "one of the better performing issues" as of midday, the trader said. The $25 par notes sold Feb. 28 were quoted at $25.15 to $25.28 in trading.

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