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Thanksgiving weighs on trading volume, but data boosts market; State Street over par
By Stephanie N. Rotondo
Phoenix, Nov. 26 – Preferred stocks gained more ground Wednesday, even as liquidity shrunk.
“It’s very quiet,” a trader said. However, he noted that new economic data – new jobs numbers and an increase in consumer sentiment – was helping spur things along.
The Wells Fargo Hybrid and Preferred Securities index closed up 34 basis points.
By no surprise, recent deals continued to be more active than other secondary issues.
State Street Corp.’s $750 million of 6% series E fixed-rate noncumulative perpetual preferreds that priced Nov. 18 were at par bid, $25.05 offered, according to a trader.
The issue closed at $25.05, up 2 cents.
Public Storage’s $175 million of 5.875% series A cumulative perpetual preferreds were then seen at $24.73 bid, $24.75 offered.
The paper ended the day 30 cents, or1.2%, lower at $24.70.
That issue came Nov. 20.
Among the company’s other issues, the 5.9% series S cumulative preferreds (NYSE: PSAPS) rose 23 cents to $25.74.
In fact, all of the company’s preferreds were ending with a firmer tone.
The market will be closed Thursday for Thanksgiving.
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