Greece crisis hamstrings preferred stock market; volumes lighten; Wintrust ticks up

By Christine Van Dusen

Atlanta, July 1 – The economic turmoil in Greece – and developments like another debt downgrade and the prime minister’s rejection of a bailout proposal – captivated and concerned investors on Wednesday, leading to a quiet and low-volume day for the preferred stock market.

Preferreds were up about 6 cents on “very, very light volume,” a trader said. “There are a whole lot of rumors flying around about Greece today, and that’s largely what drove the market. It’s the first day of the month at quarter-end, so you’d usually see a pick-up in activity, but you didn’t.”

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.

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.

In the afternoon, Goldman Sachs Group Inc.’s series J preferred was up barely a penny at $24.526 on 376,000 shares traded.

RBS Capital Funding Trust V’s 5.9% noncumulative guaranteed trust preferred securities dipped 2 cents to $24.21 on 296,795 shares traded.

And American Realty Capital Properties Inc.’s series P securities were seen at $24.45, up 44 cents on volume totaling 178,000 shares.

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.

On Wednesday afternoon the stock moved to $24.70.

Incapital LLC and U.S. Bancorp ran the books.

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