Midday Commentary: Post-holiday preferred market quiet; PartnerRe, General Growth list

By Stephanie N. Rotondo

Phoenix, Feb. 19 - After a long holiday weekend, the preferred stock market was getting off to a sleepy start on Tuesday.

A trader remarked that he wasn't hearing any talk of new deals for the week.

In recent issues, PartnerRe Ltd.'s $250 million of 5.875% series F noncumulative redeemable preferreds - a deal that came Feb. 11 - listed on the New York Stock Exchange. General Growth Properties Inc.'s $250 million of 6.375% series A cumulative redeemable preferreds - a deal that priced Feb. 6 - also listed.

The PartnerRe issue (NYSE: PREPF) was down 7 cents at midday at $24.90, while the General Growth paper (NYSE: GGPPA) was off 9 cents, also at $24.90.

Meanwhile, Selective Insurance Group Inc.'s $175 million of 5.875% $25-par senior notes due 2043 were pegged at $24.85. The issue came on Feb. 6 and has yet to list, a trader said.

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