Morning Commentary: Preferred stock market opens session unchanged; Public Storage admitted to NYSE

By Stephanie N. Rotondo

Seattle, June 5 – Preferred stocks were little changed as the new trading week got underway and a trader noted that there was even less buzz to get things moving.

The trader said even the primary space was quiet, though he was hearing of a possible small financial deal for some time this week.

As for recently priced issues, Public Storage’s $250 million of 5.15% series F cumulative preferred stock began trading on the New York Stock Exchange on Monday.

The trading symbol is “PSAPrF.” The deal priced May 23.

The preferreds were seen at $24.86 at mid-morning.

The issue was the second most actively traded security in early dealings.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC ran the books on the offering.

Meanwhile, First Republic Bank’s $200 million of 5.125% series H noncumulative preferreds – a deal priced Wednesday – were off 9 cents at mid-morning, trading at $25.02.

That issue was the day’s top trader as of mid-morning.

The deal is trading under a temporary ticker, “FTPPP.”

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