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Morning Commentary: Deutsche Bank down; Energy Transfer declines; AT&T’s $25-pars slip
By James McCandless
San Antonio, Nov. 20 – The preferred space saw a sharp decline with the Wells Fargo Hybrid & Preferred Securities Financial index starting lower by 0.41%.
Leading the secondary was Deutsche Bank AG’s 8.05% and 6.55% trust preferred securities.
The 8.05% preferreds (NYSE: DKT) were down 15 cents to $25.30 on volume of about 222,000 shares.
The 6.55% preferreds (NYSE: DXB) were down 19 cents to $24.54 on volume of about 47,000 shares.
The company’s common and preferred equity were moving lower Tuesday after the it reported that it processed $150 billion in payments for Danske Bank, a company embroiled in a money laundering scandal.
Elsewhere in finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock also started in negative territory on Tuesday.
The series DD preferreds (NYSE: JPMPrD) were down 9 cents to $24.36 with about 108,000 shares trading.
Bank of America Corp.’s 5.875% series HH non-cumulative preferreds and its 6% series GG non-cumulative preferreds also fell.
The series HH preferreds (NYSE: BACPrK) were off 14 cents to $24.32 on volume of about 102,000 shares.
The series GG preferreds (NYSE: BACPrB) were 6 cents lower at $24.96 on volume of about 49,000 shares.
Meanwhile, in the oil and gas sector, Energy Transfer Partners, LP’s 7.625% series D fixed-to-floating rate cumulative preferred units saw a steep decline.
The preferreds (NYSE: ETPPrD) sank 47 cents to $23.93 with about 59,000 shares trading.
Telecom name AT&T, Inc.’s 5.35% global notes due 2066 were lower at the start of the session.
The notes (NYSE: TBB) were down 14 cents to $23.56 on volume of about 51,000 notes.
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