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Morning Commentary: Greece crisis hamstrings preferred stock market; ING preferreds rise
By Christine Van Dusen
Atlanta, July 1 – The preferred stock market was mostly quiet on Wednesday morning as investors watched Greece and digested the latest news about its financial woes.
European officials on Wednesday rejected the latest budget cuts proposed by Greece’s prime minister. But some published reports indicate that the sovereign’s creditors may meet with the finance minister to attempt to sort this out.
That fueled some activity in the stock market, but preferreds didn’t move much, a trader said.
“Nothing’s happening in the preferreds,” he said.
On Wednesday morning, RBS Capital Funding Trust VII’s 6.08% noncumulative guaranteed trust preferred securities dipped by 4 cents, trading at $24.43 on 283,791 shares traded.
RBS Capital Funding Trust V’s 5.9% noncumulative guaranteed trust preferred securities ticked up 2 cents to trade at $24.23 on volume totaling 214,406 shares.
Making a bigger move was ING Groep NV and its 6 3/8% ING perpetual hybrid capital securities, which climbed 25 cents to $25.57 on 236,763 shares traded.
Among recent deals, Wintrust Financial Corp.’s $125 million of 6.5% series D fixed-to-floating-rate noncumulative perpetual preferreds, which priced in June, traded between $24.55 and 24.65 on Wednesday morning, the trader said.
Incapital LLC and U.S. Bancorp ran the books.
MetLife Inc.’s 6.5% series B noncumulative preferreds (NYSE: METPB) started Wednesday’s session flat to Tuesday, trading up about a penny to $25.00 on volume totaling just 17,828 shares.
The preferreds made a similar move on Monday on the news that 37.19 million of the New York-based insurance company’s preferred shares had been validly tendered.
The company launched the tender June 1, and it expired Friday at midnight ET. Holders that participated in the exchange received par plus accrued dividends.
As for the remaining outstanding shares – just under 23 million of them – those will be called at par, with no accrued dividends, on Wednesday.
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