Morning Commentary: Webster Financial markets preferreds; Vornado gains; preferreds soften

By Cristal Cody

Tupelo, Miss., Dec. 5 – Webster Financial Corp. announced plans on Tuesday to tap the preferred stock primary market.

The company is marketing depositary shares, which each will represent a 1/1000th interest in a share of series F non-cumulative perpetual preferred stock.

On Monday, Vornado Realty Trust priced a $300 million offering of $25-par 5.25% split-rated series M cumulative redeemable perpetual preferred stock.

The preferreds (Baa3/BBB-/BB+) were freed to trade over the counter under the temporary symbol “VNNDP.”

Early Tuesday, Vornado’s preferreds traded up 6 cents to $24.82 in pink sheets trading.

Preferred stocks opened the session mostly softer.

The Wells Fargo Hybrid and Preferred Securities index slipped 7 basis points.

The U.S. iShares Preferred Stock ETF fell 15 bps by mid-morning.

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