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Preferreds tick higher; Saul Centers to redeem series A preferreds; HSBC, RBS improve
By Stephanie N. Rotondo
Phoenix, Nov. 13 – Preferred stocks remained higher in Thursday trading, though overall trading volume was deemed “pretty light” by one market source.
The Wells Fargo Hybrid and Preferred Securities index closed up 12 basis points, or 3 cents on average for $25-par paper.
A trader did note that there were several redemption notices issued. One such notice came from Saul Centers Inc. late Wednesday.
The real estate investment trust said it was redeeming all of its outstanding 8% series A cumulative redeemable preferreds (NYSE: BFSPA) on Dec. 12.
On the news, the preferreds were softening, losing 7 cents in early Thursday trades to $25.36.
The company redeemed 60% of the issue on March 2, 2013.
Saul Centers plans to fund the redemption with proceeds from a recent add-on to its 6.875% series C cumulative redeemable preferreds (NYSE: BFSPC).
That issue was down a nickel at $25.70.
The company originally sold $125 million of the preferreds on Jan. 30, 2013. Another $40 million were sold on Nov. 7.
The add-on was priced at $25.17 per share.
HSBC, RBS gain ground
HSBC USA Inc. and Royal Bank of Scotland Group plc’s preferreds were dominating the session, according to a market source.
HSBC’s floating-rate series F noncumulative preferreds (NYSE: HUSIPF) were the busiest securities of the day, with over 1.71 million shares being exchanged.
The preferreds ended up a dime at $22.10.
The floating rate series G noncumulative preferreds (NYSE: HUSIPFG) improved a penny to $23.30, with about 450,000 shares trading.
Royal Bank of Scotland’s 5.9% noncumulative guaranteed trust preferred securities (NYSE: RBSPE) meantime earned a dime, closing at $24.28.
About 418,000 shares traded.
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