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Morning Commentary: Fannie, Freddie jumping on otherwise quiet morning; State Street eyed
By Colin Hanner
Chicago, Feb. 7 – Activity was muted in the preferred space on Tuesday morning, with government-sponsored enterprises Fannie Mae and Freddie Mac still “jumping around,” a trader said, and speculation faltering on president Donald Trump’s inquiry into repealing the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“The [Dodd-Frank] overhaul is taking more time than expected,” a trader said. “We’d thought we’d see some sell-off in the banks, but we’re not seeing too much.”
The Wells Fargo Hybrid and Preferred Securities index was down 1 basis point at mid-morning.
In GSE’s, Freddie’s 8.375% fixed-to-floating rate noncumulative preferreds (OTCBB: FMCKJ) were down 5 cents, or 0.52%, to $9.65.
And Fannie’s 8.25% series T noncumulative preferreds (OTCBB: FNMAT) were up 10 cents, or 0.99%, to $10.20.
In the new deal space, a trader said he had seen nothing planning to come to market as of mid-morning.
“State Street Corp. had filed, and they may try to bring something, but nothing yet,” the trader said.
Recently priced Morgan Stanley & Co. Inc.’s $1 billion of 5.85% series K fixed-to-floating rate noncumulative preferreds were trading around $25.35 to 25.40, a trader said.
Just Energy Group Inc.’s $100 million of 8.5% series A fixed-to-floating rate cumulative redeemable preferreds were trading with a $24.73 bid, $24.77 offer.
And Medley LLC’s $34.5 million of 7.25% $25-par notes due 2024 (NYSE:MDLQ) were up 7 cents, or 0.27%, to $25.65.
In the secondary market, AXIS Capital Holdings Ltd.’s 5.5% series E depository noncumulative preferreds (NYSE: AXSPrE) were among the most active issues and trading up 7 cents, or 0.31%, to $22.63.
Citigroup, Inc.’s 6.875% series K fixed-to-floating rate noncumulative preferreds (NYSE: CPrK) were up 5 cents, or 0.18%, to $27.55.
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