Costamare’s series E preferreds free to trade; secondary market ends week in the red

By Abigail W. Adams

Portland, Me., Jan. 26 – Costamare, Inc.’s recently priced $25-par perpetual 8.875% series E cumulative redeemable preferreds freed for OTC trading on Friday. The notes priced after the market close Thursday with Costamare selling $115 million, or 4.6 million shares.

While Costamare’s preferreds entered the secondary market, the overall market was down, ending the week with a session in the red. Wells Fargo Hybrid & Preferred Securities Financial Index ended Friday down by 32 basis points.

The U.S. iShares Preferred Stock ETF was down 0.18%.

Two Harbors Investment Corp.’s series A and series B preferreds lost footing in Friday’s session. While off to a rocky start, the preferreds regained some ground although both still ended the day below Thursday’s close.

Colony NorthStar Inc.’s series J and series I preferreds followed a similar story. Both saw a large decrease in the morning but regained footing while still ending the day in negative territory.

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