Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Citigroup Inc. > News item |
ING hybrid preferreds lead improving market; Deutsche Bank preferred securities crater
By James McCandless
San Antonio, June 15 – The preferred market closed the week with financial firms dominating trading volume.
ING Groep NV’s 6.375% perpetual hybrid capital securities were a volume leader in the secondary market and declined slightly.
The preferreds (NYSE: ISF) lost 3 cents to close at $26.05.
Deutsche Bank AG’s preferreds moved lower as class-action lawsuits were filed against the company on accusations that it misled investors.
Deutsche Bank’s 8.05% and 6.55% trust preferred securities tumbled at the end of preferred trading with about 472,000 and 374,000 shares exchanged, respectively.
After reports surfaced recently that the Federal Reserve designated the bank’s American operations to be in “troubled condition” last year, several law firms have filed class action lawsuits on behalf of investors. The lawsuits allege that the company misled investors during that time.
The 8.05% securities (NYSE: DKT) lost 37 cents to close at $25.57.
The 6.55% securities (NYSE: DXB) lost 46 cents to close at $25.12.
Citigroup Inc.’s 7.875% fixed-to-floating rate trust preferred securities returned to more active trading.
The preferreds (NYSE: CPrN) lost 13 cents to end at $26.92.
The Wells Fargo Hybrid & Preferred Securities Financial index closed up 0.15% at the market close.
The iShares US Preferred Stock ETF was up 5 cents to close at $37.58.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.