Morning Commentary: Preferreds look to stay strong to finish week; Urstadt gets temporary symbol

By Stephanie N. Rotondo

Phoenix, Oct. 24 – Preferred stocks were trading modestly higher early Friday, but overall activity remained muted, according to a trader.

The Wells Fargo Hybrid and Preferred Securities index was up 2 basis points at mid-morning.

Urstadt Biddle Properties Inc.’s new $70 million issue of 6.75% series G cumulative redeemable preferreds – a deal that priced Wednesday – received a temporary trading symbol on Friday, a trader reported.

The symbol is “UDTBP.” The preferreds will eventually list on the New York Stock Exchange under the ticker “UBPPG.”

The trader saw the preferreds hanging in a $24.98 to par range.

As for Citigroup Inc.’s $1.5 billion of 5.8% $1,000-par series N fixed-to-floating rate noncumulative preferreds – another deal from Wednesday – it was seen at 100.375 bid, 100.625 offered.

That issue will not list on any exchange.

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