Morning Commentary: Preferreds soften as Fed meets; RAIT Financial’s $25-par notes list on NYSE

By Stephanie N. Rotondo

Phoenix, Aug. 22 – Preferred stocks were lightening up slightly in early Friday trading as Federal Reserve chairman Janet Yellen said that declining unemployment rates were not sufficient to prove economic growth.

Yellen made the remarks at the central bank’s annual meeting in Jackson Hole on Friday. Based on her view, monetary policymakers should not focus solely on jobs numbers but should instead take a more “pragmatic” approach.

The Wells Fargo Hybrid and Preferred Securities index was down 1 basis point at mid-morning.

RAIT Financial Trust’s $70 million of 7.125% $25-par senior notes due 2019 began trading on the New York Stock Exchange on Friday.

The deal came Aug. 11. The ticker symbol is “RFTA.”

A trader said the issue was in a $24.75 to $24.85 range.

Deutsche Bank Securities Inc., Barclays, Keefe Bruyette & Woods and Credit Suisse Securities (USA) LLC were the joint bookrunners. Senior co-managers were Ladenburg Thalmann, MLV & Co. LLC and William Blair & Co.

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