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Kennedy-Wilson new issue fizzles; Pitney Bowes frees from syndicate; Wells Fargo lists
By Stephanie N. Rotondo
Phoenix, Nov. 21 - The preferred stock market was not getting much play Wednesday as the market geared up for Thanksgiving.
"I think everything's turned off until next week," a trader said.
There was "not much action" in Kennedy-Wilson Holdings Inc.'s newly priced $50 million issue of 7.75% $25-par senior notes due Dec. 1, 2042, the trader commented, seeing a $24.65 offer for the paper.
"Apparently nobody cares," he said.
Another trader saw a $24.50 bid for the notes.
"They decreased the size of the deal and increased the pricing, which is unusual," the trader said. "The deal is not in very good shape."
The deal came late Tuesday. As previously reported, market sources were not enthusiastic about the name as it is not very well known.
Meanwhile, Pitney Bowes Inc.'s new $100 million issue of $25-par senior notes due 2022 freed from the syndicate, according to a trader.
The issue priced late Monday.
A trader quoted the notes at $24.70 bid, $24.85 offered.
The preferred stock market will be closed Thursday in observance of Thanksgiving. Market players are expecting light dealings on Friday.
Wells Fargo admitted to NYSE
Wells Fargo & Co.'s $600 million of 5.125% series O noncumulative perpetual class A preferred stock listed on the New York Stock Exchange on Wednesday.
The deal priced Nov. 13. The ticker symbol is "WFCPO."
The preferreds were among the day's most actively traded securities.
Trading was volatile in the issue upon listing. The preferred shares had closed the previous session at $24.94 and opened on Wednesday at par. However, the stock traded as low as $24.88 and as high as $25.03, with the higher trades occurring earlier in the day.
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