Preferred stock deal pipeline quiet; tone improves; Cowen softens; Vornado stable

By Cristal Cody

Tupelo, Miss., Jan. 3 – The preferred primary market has remained quiet so far in 2018, while the tone in preferred stocks overall improved on Wednesday.

The Wells Fargo Hybrid and Preferred Securities index rose 17 basis points.

The U.S. iShares Preferred Stock ETF climbed 18 bps over the day.

Preferreds opened the new year weaker with the Wells Fargo index closing down 94 bps on Tuesday.

Looking at trading in new issues on Wednesday, Cowen Inc.’s 7.35% senior notes due Dec. 15, 2027 (Nasdaq: COWNZ) fell 11 cents, or 0.43%, to end the session at $25.38.

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 priced in December headed out unchanged at $25.00.

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.”

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