Morning Commentary: Vornado Realty Trust markets preferred stock; preferreds mixed

By Cristal Cody

Tupelo, Miss., Dec. 4 – Vornado Realty Trust announced plans on Monday for an offering of series M cumulative redeemable preferred shares.

The preferreds have a liquidation preference of $25.00 per share.

In the broader market, preferred stocks were mixed at the start of the session.

The Wells Fargo Hybrid and Preferred Securities index jumped 37 basis points over the morning.

The U.S. iShares Preferred Stock ETF dropped 12 bps early Monday.

In early trading, Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred shares (NYSE: WFCPrJ) softened 2 cents to $25.59.

The preferred shares are not expected to be called at the first optional call date on Dec. 15, according to market sources.

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