Morning Commentary: Preferred stocks mixed; primary market quiet; Cowen softens; Vornado flat

By Cristal Cody

Tupelo, Miss., Jan. 3 – Preferred stocks stayed mixed during the morning on Wednesday.

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

The U.S. iShares Preferred Stock ETF was up 9 bps.

Activity in the preferred stock market remains light with no primary action reported so far in the New Year.

In early trading, Cowen Inc.’s 7.35% senior notes due Dec. 15, 2027 (Nasdaq: COWNZ) fell 9 cents, or 0.37%, to $25.40.

The New York-based financial services firm sold $120 million of the $25-par notes on Dec. 5.

Elsewhere, Vornado Realty Trust’s 5.25% split-rated series M cumulative redeemable perpetual preferred stock that priced in December was flat at $25.00 at the start of the session.

The company sold $300 million of the $25-par preferreds (Baa3/BBB-/BB+) on Dec. 4. The preferreds are trading over the counter under the temporary symbol “VNNDP.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.