If you simply look at the prices, yes, that is what the market is saying. The market can be so so stupid, sometimes. If it actually read any of the press, the "market" would know nationalization is NOT IN THE CARDS.
Sometimes the market is not that stupid, sometimes it is manipulated. In this instance, my review of the trading at the open here 3 days ago suggest the preferreds were manipulated -- gapped down along with the common. Coincidently, and post that, those "nationalization" tidbits floated, in spite of the fact they based on nothing, nothing at all.
Personally, I think the preferreds are in the hands of Big Evil traders and may hold for a bit to weed out the weak and innocent.