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Midday Commentary: Safe Bulkers firm; American Homes treads water; RBS rises on earnings
By Stephanie N. Rotondo
Phoenix, May 2 - A preferred stock trader said the market was continuing to firm during the final trading session of the week.
"Generally we saw things pushing up," he said. "People are clamoring for supply, but it's just not there."
While he saw the market inching higher, the Wells Fargo Hybrid and Preferred Securities index was trading off a bit, down 4 basis points as of mid-morning.
In recent deals, Safe Bulkers Inc.'s $50 million of 8% series C cumulative redeemable preferreds were seen moving north of par early in the session.
A trader pegged the preferreds at $25.10 bid.
American Homes 4 Rent's $185 million of 5.5% series C participating preferred shares were meantime languishing at $24.60 bid.
Safe Bulkers priced Wednesday, and American Homes came late Tuesday.
In the secondary, Royal Bank of Scotland Group plc saw its preferreds moving into higher territory on the back of an improved quarterly profit.
The 6.08% noncumulative guaranteed trust preferreds (NYSE: RBSPG) were up 26 cents, or 1.13%, at $23.26.
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