Energy Transfer preferreds weaken; Regions Financial dips; Duke Energy preferreds down

By James McCandless

San Antonio, May 7 – The preferred market saw negative returns for the second day in a row on Tuesday.

Leading trading volume again, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units closed lower.

Meanwhile, in finance, Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds saw a dip.

Sector peer KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds declined.

Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the negative trend.

Elsewhere, in utilities, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was pushed downward.

Energy Transfer lower

In the top volume position for the second day in a row, Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units once again led the market in a negative direction.

The preferreds (NYSE: ETPPrE) were down 5 cents to close at $24.76 on volume of about 525,000 shares.

On Monday, the preferreds fell 4 cents.

Regions dips

Meanwhile, in the finance space, Regions Financial’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds saw a dip by the end of the session.

The preferreds (NYSE: RFPrC) sank 14 cents to close at $25.30 with about 268,000 shares trading.

Sector peer KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds also declined.

The preferreds (NYSE: KEYPrK) lost 14 cents to close at $24.94 on volume of about 237,000 shares.

On Monday, the preferreds dropped 5 cents.

Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the day’s negative trend.

The preferreds (NYSE: ALLYPrA) shaved off 3 cents to close at $26.37 with about 202,000 shares trading.

On Monday, the preferreds gained 1 cent.

Duke Energy falls

Elsewhere, in utilities, Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock was also pushed downward.

The preferreds (NYSE: DUKPrA) were off 4 cents to $26.11 on volume of about 231,000 shares trading.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index finished the session down by 0.16%, more than doubling the 0.07% decline from early Tuesday activity.

The iShares US Preferred Stock ETF was down 15 cents to $36.35.

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