Preferred stocks close session with gains; Cowen improves; Kimco flat; AT&T softens

By Cristal Cody

Tupelo, Miss., Dec. 21 – Preferred stocks remained better over Thursday’s session as market action thins ahead of the holidays.

The Wells Fargo Hybrid and Preferred Securities index closed up 13 basis points.

The U.S. iShares Preferred Stock ETF rose 5 bps.

In new issue trading, Cowen Inc.’s 7.35% senior notes due Dec. 15, 2027 (Nasdaq: COWNZ) that priced earlier in the month gained 11 cents, or 0.44%, to $25.31 in trading on Thursday.

The New York-based financial services firm sold $120 million of the $25-par notes on Dec. 5, which were later increased to $138 million upon the exercise of a greenshoe.

Elsewhere, Kimco Realty Corp.’s new 5.25% class M cumulative redeemable preferred shares (Baa2/BBB-/BBB-) were not active in trading on Thursday and closed unchanged at $24.62. The preferreds are trading over the counter under the temporary symbol “KMCCP.”

The preferreds were last seen in trading down 12 cents, or 0.49%, on Tuesday.

Kimco, a New Hyde Park, N.Y.-based real estate investment trust, priced $230 million of the $25-par class M cumulative redeemable preferred shares on Dec. 11.

The shares are expected to start trading on the New York Stock Exchange within 30 days of issuance under the permanent ticker symbol “KIMPrM.”

In other trading over the session, AT&T Inc.’s 5.35% global notes due Nov. 1, 2066 (NYSE: TBB) softened 4 cents, or 0.15%, to head out at $26.28.

The Dallas-based telecommunications company sold $1.15 billion of the $25-par notes on Oct. 25.

AT&T was expected to close on its $85.4 billion cash and stock acquisition of Time Warner Inc. at the end of the year. The Justice Department has filed a federal lawsuit to block the deal, and a trial date is set for March 19.

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