Duke Energy improves; Ally Financial positive; United States Cellular $25-par notes drop

By James McCandless

San Antonio, April 4 – The preferred space saw an extension of a weeklong positive streak on Thursday.

Leading trading, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was seen improving

Meanwhile, in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities also closed positive.

Sector peer Morgan Stanley’s series A floating rate non-cumulative preferreds ended slightly higher.

Elsewhere, telecom name United States Cellular Corp.’s 7.25% senior notes due 2064 saw a steep drop.

Insurance giant American International Group, Inc.’s 5.85% series A non-cumulative perpetual preferreds followed the market upward.

Duke Energy improves

Leading preferred secondary trading, Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock improved by the session’s end.

The preferreds (NYSE: DUKPrA) were up 3 cents to close at $25.55 on volume of about 745,000 shares.

On Wednesday, the preferreds picked up 6 cents.

Ally Financial gains

Meanwhile, in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities closed positive.

The preferreds (NYSE: ALLYPrA) gained 2 cents to close at $26.58 with about 473,000 shares trading.

Sector peer Morgan Stanley’s series A floating rate non-cumulative preferreds were also slightly higher on Thursday.

The preferreds (NYSE: MSPrA) added 3 cents to close at $19.62 on volume of about 422,000 shares.

U.S. Cellular down

Elsewhere, in telecom, U.S. Cellular’s 7.25% senior notes due 2064 saw a precipitous drop, going against the prevailing trend.

The notes (NYSE: UZC) fell by 39 cents to close at $26.29 with about 336,000 shares trading.

AIG rises

Insurance provider AIG’s 5.85% series A non-cumulative perpetual preferreds followed the overall market upward.

The preferreds (NYSE: AIGPrA) rose 13 cents to close at $25.78 on volume of about 298,000 shares.

On Wednesday, the preferreds saw a 17-cent boost.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.19% to finish off the session, pushing past the 0.07% gain from early Thursday trading.

The iShares US Preferred Stock ETF was up 6 cents to $36.75.

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