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Preferred stocks start week with firm tone; Deutsche Bank gains on settlement hopes
By Stephanie N. Rotondo and Colin Hanner
Seattle, Dec. 19 – The secondary preferred stock market traded up on Monday, though overall activity was muted ahead of the upcoming Christmas holiday.
“You’re going to see it this way the rest of the year, I’d imagine,” a trader said.
The Wells Fargo Hybrid and Preferred Securities index ended 37 basis points higher.
Other than some dividend announcements, a trader said the news surrounding preferreds was largely absent.
However, it was reported Monday that Deutsche Bank AG could be close to a settlement agreement with the U.S. Department of Justice over an investigation into the bank’s toxic mortgage sales.
In response, the German institution’s trust preferreds were faring well.
The 7.6% TruPs (NYSE: DTK) were up a dime in early dealings, trading at $24.54. The paper finished the day 30 cents better, or 1.24%, at $24.74.
The 8.05% TruPs (NYSE: DKT) were meantime up 18 cents at $25.75.
Back in September, it was reported that Deutsche could be slammed with a penalty as big as $14 billion. But the bank said it would not pay that amount, instead opting to negotiate with the federal government to hit an amount closer to that given to its sector peers.
Among domestic banks, KeyCorp’s $500 million of 6.125% series E fixed-to-floating rate noncumulative perpetual preferred stock (NYSE: KEYPrI) rose 4 cents to $25.51.
In Morgan Stanley & Co. Inc. preferreds, the 6.375% series I fixed-to-floating rate noncumulative preferreds (NYSE: MSPrI) added 15 cents, closing at $25.95.
And, Wells Fargo & Co.’s 5.5% series X class A noncumulative preferreds (NYSE: WFCPrX) gained 9 cents to $22.57.
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