Duke Energy preferreds decline; Digital Realty Trust gains; AT&T $25-par notes drop

By James McCandless

San Antonio, April 9 – The preferred space saw an overarching negative trend in Tuesday’s activity.

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

Digital Realty Trust, Inc.’s 5.85% series K cumulative redeemable preferred stock moved higher.

Elsewhere, telecom name AT&T, Inc.’s 5.35% global notes due 2066 dropped during the session.

In finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were slightly lower.

Meanwhile, insurance provider Brighthouse Financial, Inc.’s 6.6% series A non-cumulative perpetual preferred stock saw a downward push.

Duke Energy declines

Trading at the top of the secondary again, utilities name Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock led a broader decline.

The preferreds (NYSE: DUKPrA) were down 5 cents to close at $25.65 on volume of about 377,000 shares.

On Monday, the preferreds picked up 5 cents.

Digital Realty up

Meanwhile, real estate investment trust Digital Realty’s 5.85% series K cumulative redeemable preferred stock was positive, going against the session’s grain.

The preferreds (NYSE: DLRPrK) added 3 cents to close at $25.53 with about 205,000 shares trading.

AT&T drops

Elsewhere, telecom giant AT&T’s 5.35% global notes due 2066 followed the negative trend.

The notes (NYSE: TBB) lost 12 cents to close at $25.36 on volume of about 150,000 notes.

JPMorgan lower

In the finance space, JPMorgan’s 5.75% series DD non-cumulative preferreds finished the day slightly lower.

The preferreds (NYSE: JPMPrD) declined 4 cents to close at $26.02 with about 143,000 shares trading.

Brighthouse off

Insurance provider Brighthouse’s 6.6% series A non-cumulative perpetual preferred stock also saw a downward push.

The preferreds (Nasdaq: BHFAP) were down 10 cents to close at $25.85 on volume of about 135,000 shares.

On Monday, the preferreds gained 10 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index finished the trading day down by 0.25%, widening from a 0.03% loss in early Tuesday trading.

The iShares US Preferred Stock Exchange-Traded Fund was down 10 cents to $36.60.

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