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Deutsche Bank preferreds decline on lack of DOJ settlement; City Office, AmTrust mixed
By Christine Van Dusen
Atlanta, Oct. 3 – Preferred stock market investors on Monday continued to closely watch Deutsche Bank AG as the German lender continued settlement talks with the U.S. Department of Justice, which is fining Deutsche Bank up to $14 billion for its handling of mortgage-backed securities.
On Friday, it was reported that Deutsche Bank was nearing a settlement that was well below the original amount proposed. But as of Monday morning, an agreement hadn't been presented to senior-level executives from either party, according to published reports.
In response, Deutsche Bank's 7.6% trust preferred securities (NYSE: DTK) were down 23 cents, at $23.55, on Monday morning. The notes closed at $23.50, down 1.18%.
The 8.05% TruPS (NYSE: DKT) were weaker by 26 cents, at $24.09. The notes closed at $24.01, down 1.4%.
And the 6.55% TruPS (NYSE: DXB) dipped 32 cents to $22.95.
Among recent new issues in the preferred stock market, City Office REIT Inc.’s $100 million of 6.625% series A cumulative redeemable preferreds (temporary symbol: CYORP) – a deal that priced Tuesday – were quoted on Monday morning at $24.94, up 12 cents. The preferreds closed at $24.87, up 0.2%.
And AmTrust Financial Services Inc.’s $287.5 million of 6.95% series F noncumulative preferred stock (NYSE: AFSIPF), which was admitted to the New York Stock Exchange on Thursday, ticked down 2 cents to $25.35 on Monday morning. The preferreds closed Monday at $25.46, up 0.35%.
Also receiving attention on Monday was Southern Co.'s issue of $800 million $25-par series 2016A junior subordinated notes due 2076 that began trading on the NYSE last week.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.
The notes closed Monday at $25.18, down 11 cents.
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