Morning Commentary: AT&T notes lead sluggish secondary market; Deutsche Bank preferreds down

By James McCandless

San Antonio, May 29 – AT&T, Inc.’s 5.35% global notes due 2066 started the short week higher with about 157,000 shares changing hands as the market started off slowly.

The company is waiting for a judgment in an antitrust lawsuit brought by the Department of Justice over whether AT&T’s attempted merger with Time Warner would harm consumer choice.

The $25-par notes (NYSE: TBB) were up 3 cents to $25.16.

Deutsche Bank AG’s 6.55% trust preferred securities declined with about 154,000 shares exchanged so far.

Recently, the company announced that it would be laying off more than 7,000 workers in a cost-cutting measure.

The securities (NYSE: DXB) were down 28 cents to $25.00.

The Wells Fargo Hybrid & Preferred Securities Financial index was level in early trading following a 0.03% loss on Friday.

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