Morning Commentary: Colony NorthStar preferreds higher pre-holiday; Public Storage, B. Riley up

By Colin Hanner

Chicago, May 26 – In what is expected to be a quiet day in the preferred market on Friday, a market source said inactivity was trumping that of activity, though stocks were trending higher on what liquidity was out there.

The Wells Fargo Hybrid and Preferred Securities index was up 12 basis points, while the U.S. iShares Preferred Stock ETF was up 21 bps.

The market source said he expects activity to die off around noon ET, when traders will start to take off for the long Memorial Day weekend.

The recent deal space remained somewhat active, a market source said.

Los Angeles-based real estate and investment management firm Colony NorthStar Inc.’s $300 million of 7.15% series I cumulative redeemable preferred stock, trading under the temporary ticker “CLNYP,” was up 8 cents, or 0.32%, to $25.03.

More than 200,000 shares had traded at mid-morning.

Elsewhere in the recent deal space, Public Storage’s $250 million of 5.15% series F cumulative preferreds were up 5 cents from Thursday’s close to $24.75, a market source said.

B. Riley Financial Inc.’s $52.5 million of 7.5% $25-par notes due 2027 were quoted at $24.70 bid, $24.80 offered, a market source said, up more than 15 cents from Thursday’s closing bell.

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