Duke Energy preferreds edge upward; JPMorgan declines; AT&T $25-par notes improve

By James McCandless

San Antonio, April 30 – While the preferred market was dragged lower in Tuesday trading, volume leaders varied in direction.

Topping the secondary again, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock closed slightly higher.

Elsewhere, in finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was in decline.

Sector peer Regions Financial Corp.’s recent 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock was active but flat.

Citigroup, Inc.’s 6.3% series S non-cumulative preferreds followed the day’s negative trend.

Meanwhile, in telecom, AT&T, Inc.’s 5.35% global notes due 2066 saw an upward spike.

Duke Energy up

Leading preferred trading for the second day in a row, Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock ended the session slightly positive.

The preferreds (NYSE: DUKPrA) were up 2 cents to close at $26.02 on volume of about 2.8 million shares.

On Monday, the preferreds picked up 7 cents.

JPMorgan lower

Elsewhere, JPMorgan’s 5.75% series DD non-cumulative preferred stock saw a decline by the close.

The preferreds (NYSE: JPMPrD) fell 14 cents to close at $26.51 with about 1 million shares trading.

On Monday, the preferreds gained 8 cents.

Sector peer Regions Financial’s recent 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock was relatively active but finished flat.

The preferreds, trading under the temporary symbol “RXFCL,” closed level at $25.40 on volume of about 689,000 shares.

On Monday, the preferreds fell by 4 cents

Citigroup’s 6.3% series S non-cumulative preferreds followed Tuesday’s overall negative trend.

The preferreds (NYSE: CPS) lost 19 cents to close at $26.26 with about 621,000 shares trading.

AT&T rises

Meanwhile, in the telecom space, AT&T’s 5.35% global notes due 2066 saw an upward spike by the end of the session.

The notes (NYSE: TBB) were up 13 cents to close at $25.65 on volume of about 552,000 notes.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index closed down by 0.11%, declining after a 0.01% gain at the open.

The iShares US Preferred Stock ETF was up 1 cent to $36.62.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.