Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers R > Headlines for Royal Bank of Scotland Group plc > News item |
Freddie Mac, Fannie Mae get pummeled; Qwest $25-par notes tick up again; issuance quiet
By Christine Van Dusen
Atlanta, Oct. 2 – Freddie Mac and Fannie Mae on Thursday continued to suffer in the wake of a federal judge’s recent decision to dismiss lawsuits alleging it was illegal for the mortgage corporations to funnel profits to the government in the form of dividends.
“They’re getting hammered,” a trader said. “Maybe they’re getting to a bottom here.”
Also on Thursday, Qwest Corp.’s new $500 million issue of 6 7/8% $25-par senior notes due 2054 traded at $24.45 on low volumes following Wednesday’s level of $24.39 and Tuesday’s level of $24.35, he said.
The Monroe, La.-based telecommunications company has two 7% issues coming due in 2052, one in April and one in July. Both were recently spotted trading above par.
In other trading, Barclays Bank plc’s 8 1/8% non-cumulative callable dollar preference shares, series 5 ADR, were up a penny on Thursday morning to $25.99.
Deutsche Bank Contingent Capital Trust III’s 7.6% trust preferred securities were down 6 cents to $27.59.
And RBS Capital Funding Trust VII’s 6.08% noncumulative guaranteed trust preferred securities rose 6 cents to $23.91.
In the afternoon, UBS Preferred Funding Trust IV’s floating-rate non-cumulative trust preferred securities closed down 8 cents to $20.07 on a whopping 1.5 million shares traded.
Barclays Bank’s 8 1/8% non-cumulative dollar preference shares, series 5 ADR, dipped 9 cents to $25.89.
And Royal Bank of Scotland’s 6.6% noncumulative dollar preference shares, series S ADR, dipped 2 cents to close at $24.75 on 177,822 shares traded.
Meanwhile, all was quiet on the issuance front, he said, as issuers and investors kept an eye out for economic data from the United States.
“It’s pretty quiet. They’re looking to see what the jobs numbers look like,” he said. “If it’s a weak number and rates run up, people will rush to buy the higher yields. So we could see some new issuance later this month.”
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.