Morning Commentary: Goldman Sachs preferreds active; PS Business trails; AT&T higher

By James McCandless

San Antonio, Oct. 5 – The preferred market opened a new week with some positivity as the Wells Fargo Hybrid & Preferred Securities Financial index started up 0.05%.

Leading the early secondary activity, Goldman Sachs Group, Inc.’s 6.3% series N non-cumulative preferred stock was active but unchanged so far.

The preferreds (NYSE: GSPrN) were holding level at $26.12 on volume of about 62,000 shares.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were gaining ground.

The preferreds (NYSE: ALLYPrA) were tacking on 5 cents to $25.14 with about 30,000 shares trading.

Real estate investment trust PS Business Parks, Inc.’s 4.875% series Z cumulative preferred stock was trailing.

The preferreds (NYSE: PSBPrZ) were shaving off 5 cents to $26.90 on volume of about 46,000 shares.

Meanwhile, telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferreds were pushing higher.

The preferreds (NYSE: TPrC) were improving by 8 cents to $26.14 with about 30,000 shares trading.

Sector peer Qwest Corp.’s 6.625% notes due 2055 began the session on the positive side.

The notes (NYSE: CTZ) edged up 1 cent to $25.11 on volume of about 22,000 notes.

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