Morning Commentary: Brookfield starts higher; Digital Realty better; AIG pushes upward

By James McCandless

San Antonio, March 25 –The most-active preferred stock issues started the new week higher even as the broader market trended negative.

The Wells Fargo Hybrid & Preferred Securities Financial index was lower by 0.04% early Monday.

Leading early activity, Brookfield Property Partners LP’s 6.5% series 1 class A cumulative redeemable perpetual preferred units started better.

The preferreds (Nasdaq: BPYPP) opened up 3 cents higher to $24.78 on volume of about 122,000 shares.

Elsewhere, real estate investment trust Digital Realty Trust, Inc.’s 5.85% series K cumulative redeemable preferreds were slightly better.

The preferreds (NYSE: DLRPrK) rose 2 cents to $25.00 with about 57,000 shares trading.

Sector peer American Finance Trust, Inc.’s new 7.5% series A cumulative redeemable perpetual preferred stock was also inching higher.

The preferreds, trading under the temporary symbol “AFINP,” added 4 cents to $24.50 on volume of about 26,000 shares.

Insurance provider American International Group, Inc.’s 5.85% series A non-cumulative perpetual preferred stock followed the positive trend.

The preferreds (NYSE: AIGPrA) started up 3 cents to $25.17 with about 30,000 shares trading.

Meanwhile, PNC Financial Services Group, Inc.’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferreds opened the session lower.

The preferreds (NYSE: PNCPrP) were down 14 cents to $26.51 on volume of about 24,000 shares.

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