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Morning Commentary: Preferreds hold in amid influx of economic data; RAIT covered by JMP
By Stephanie N. Rotondo
Phoenix, Aug. 26 – Preferred stocks were treading water on Tuesday, though they were trending toward the firm side.
The Wells Fargo Hybrid and Preferred Securities index was up 1 basis point at mid-morning.
A trader said that the latest durable goods numbers were “really good,” causing him to expect a sell-off in Treasuries. Instead, he said, the bonds had been gyrating between positive and negative territory.
As such, “it’s just quiet right now,” he said.
JMP Securities initiated coverage on RAIT Financial Trust on Tuesday.
“That’s probably why [the 7.125% $25-par senior notes due 2019] were up yesterday,” a trader said.
Come Tuesday, the notes (NYSE: RFTA) were coming in a little.
One trade quoted the issue at $24.97 bid, par offered. According to the NYSE, paper was trading at $24.95 at mid-morning, down 8 cents from the previous close but unchanged from opening levels.
The $70 million deal priced Aug. 11 via Deutsche Bank Securities Inc., Barclays, Keefe Bruyette & Woods and Credit Suisse Securities (USA) LLC.
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