Morning Commentary: Deutsche Bank’s preferreds improve; Enstar’s perpetuals decline

By James McCandless

San Antonio, June 28 – Deutsche Bank AG’s 8.05% trust preferred securities led the market in early trading. The preferreds were seen rising after sharp declines recently spurred on when reports surfaced that class-action lawsuits had been filed against the company for allegedly misleading investors.

Last year, the Federal Reserve designated the bank’s American operations to be in “troubled condition,” but the condition was not made widely known until more recently.

The preferreds (NYSE: DKT) were up 2 cents to $25.21 with about 121,000 shares trading.

Enstar Group Ltd.’s new $400 million 7% series D fixed-to-floating rate perpetual preferred shares, trading under the temporary ticker “ENSTF,” were down 5 cents to $25.26 with about 100,000 in volume.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.03% in early trading.

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