Public Storage, CoBank issues get temporary symbols; State Street’s 6% preferreds steady

By Stephanie N. Rotondo

Phoenix, Nov. 21 – Recent preferred stock deals remained in focus in early Friday trading.

A trader said Public Storage’s new $175 million issue of 5.875% series A cumulative perpetual preferreds had been assigned a reporting symbol.

The deal came Thursday. The temporary symbol is “PBSTP.”

The deal freed to trade around 12:30 p.m. ET.

The trader saw the issue trading in a $24.70 to $24.80 context early in the session.

The issue closed at $24.70, down 7 cents from the previous day.

CoBank ACB’s $300 million of 6.2% fixed-to-floating rate perpetual preferreds – a $100-par deal from Wednesday’s business – also got a temporary ticker, the trader said.

The symbol is “CKNQP.”

That paper was trading around 100.3, he said. It finished at 100.6, up 35 cents day over day.

Meanwhile, State Street Corp.’s $750 million of 6% series E fixed-rate noncumulative perpetual preferreds were holding around $24.92, according to the trader.

That deal came Tuesday.

“I don’t know if we’ll see any more deals next week [due to the Thanksgiving holiday], but when we get back [the primary space] should be pretty busy,” the trader said.

Overall, preferred stocks continued to trade strongly.

The Wells Fargo Hybrid and Preferred Securities index was up 11 basis points.

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