Preferreds end week in the red; Public Storage, GE’s remaining baby bond down

By Abigail W. Adams

Portland, Me., Feb. 2 – Friday was another down day for preferreds in a week that has seen more down days than up. Both the Wells Fargo Hybrid & Preferred Securities Financial index and the U.S. iShares Preferred Stock ETF closed Friday’s session with losses.

Public Storage’s depositary preferreds saw large losses alongside the broader market.

After a two-day rise, General Electric Co.’s remaining baby bond in the market stumbled during Friday session.

The 4.7% notes due 2053, which trades under the symbol “GEK,” made large gains after General Electric called its two other baby bonds.

Red week

The preferreds market was no stranger to the woes felt by the Dow Jones Industrial Average and the S&P, ending Friday in the red, which is where it spent much of the week.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 9 basis points and the U.S. iShares Preferred Stock ETF was down 0.70% at the market close Friday.

The overall market has been in the red for much of the week.

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