Midday Commentary: Market stays firm ahead of holiday; Maiden Holdings hits NYSE; RBS slips

By Stephanie N. Rotondo

Phoenix, Nov. 27 - The preferred stock market was posting modest gains in Wednesday trading, though overall liquidity was thinning out due to Thursday's Thanksgiving holiday.

The Wells Fargo Hybrid and Preferred Securities index was up 3 basis points in early trading.

Maiden Holdings North America Ltd.'s $152.5 million of 7.75% senior notes due 2043 were admitted to the New York Stock Exchange on Wednesday, as was expected.

The deal priced Nov. 18. The ticker symbol is "MHNC."

Paper was trading at $24.42 at mid-morning, which compared to opening levels of $24.45.

Meanwhile, Royal Bank of Scotland Group plc was weaker amid allegations the bailed out U.K.-based bank had purposefully forced small businesses into bankruptcy only to then buy up assets at bargain prices.

The 6.08% noncumulative guaranteed trust preferred securities (NYSE: RBSPG) were off a nickel at $21.65 and the 7.25% series T noncumulative dollar preference shares (NYSE: RBSPT) were also down that much, at $24.62.

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