Morning Commentary: Legg Mason, Entergy New Orleans trade on NYSE; Deutsche Bank paper mixed

By Stephanie N. Rotondo

Seattle, March 24 – The preferred stock market was trending lower in Thursday trading, following in line with the rest of the markets as oil prices declined and the dollar gained strength.

The Wells Fargo Hybrid and Preferred Securities index was off 11 basis points at mid-morning.

Two recently priced deals began trading on the New York Stock Exchange on Thursday: Legg Mason Inc.’s $250 million of 6.375% $25-par junior subordinated notes due March 15, 2056 and Entergy New Orleans Inc.’s $110 million of 5.5% $25-par first mortgage bonds due April 1, 2066.

Legg Mason’s ticker is “LMHA.” Entergy’s is “ENO.” Legg Mason priced March 7, and Entergy came about a week later on March 15.

In early trading, the Legg Mason notes were at $25.05, down from opening levels of $25.19. Entergy’s notes were seen at $25.75, which compared to $25.71 at the open.

Meanwhile, Deutsche Bank AG’s paper was on the mixed side as it reported that the German bank was looking to add 100 people to its equity trading teams.

Reuters first published the story, citing a source “familiar with the matter.” The source said the hirings are part of the bank’s new strategy to turn its investment banking unit around.

The 8.05% trust preferred securities (NYSE: DKT) were up 13 cents at mid-morning, trading at $25.40. However, the 7.6% TruPs (NYSE: DTK) were off a penny at $24.82.

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