Preferreds mixed; Ready Capital, New Residential soften; Morgan Stanley series E gains

By Cristal Cody

Tupelo, Miss., July 19 – Preferred stocks headed out ahead of the weekend mixed after opening mostly stronger on Friday.

The Wells Fargo Hybrid and Preferred Securities index finished 0.16% higher. The U.S. iShares Preferred Stock ETF closed down 1 cent, or 0.03%, to $37.19.

Primary action has been quiet this week with only one reported offering.

Ready Capital Corp. on Thursday priced a $50 million offering of $25-par seven-year investment-grade senior notes.

The company’s existing 6.5% senior notes due April 30, 2021 (NYSE: RCP) fell 21 cents, or 0.81%, on Friday to close at $25.63 on volume of about 4,200 notes. The notes were down 8 cents, or 0.3%, to $25.76 early Friday.

In other trading in the real estate sector on Friday, real estate investment trust New Residential Investment Corp.’s new $135 million of 7.5% series A fixed-to-floating rate cumulative redeemable preferred stock softened 1 cent, or 0.04%, to $26.13 on volume of about 317,000 shares.

New Residential Investment priced the preferreds, traded over the counter under the temporary symbol “NRXPP,” on June 25.

Looking at the finance sector following earnings releases this week, Morgan Stanley’s series A preferreds (NYSE: MSPrA) declined 7 cents, or 0.33%, to $21.35 on Friday. The series E preferreds (NYSE: MSPrE) gained 21 cents, or 0.74%, to close at $28.68.

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