Midday Commentary: Preferreds steady despite jobs data; Allstate's 6.625% preferreds list on NYSE

By Stephanie N. Rotondo

Phoenix, March 7 - The preferred stock market was holding its ground Friday, even as new jobs data showed that unemployment edged back up.

The Wells Fargo Hybrid and Preferred Securities index was up 1 basis point at midday.

The Allstate Corp.'s $650 million issue of 6.625% series E fixed-rate noncumulative preferreds were admitted for trading on the New York Stock Exchange, as was expected.

The deal priced Feb. 24. The ticker symbol is "ALLPE."

Paper was trading at $24.89 versus the opening levels of $24.90. However, the issue had traded as high as $24.93 early in the session.

Meanwhile, CHS Inc.'s $365.22 million of 7.1% series 2, class B cumulative redeemable preferreds were hanging around $25.50 in midday trading. Vanguard Natural Resources LLC's $175 million of 7.625% series B cumulative redeemable preferred stock units were "moving up slightly" to $24.70 bid, $24.75 offered, according to a trader.

A trader said he had not heard any talk regarding next week's new issue calendar. However, he speculated that the pipeline could continue to flow, given the current rate environment.

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