KeyCorp preferreds slip; Energy Transfer trades lower; Spire preferreds close flat

By James McCandless

San Antonio, May 23 – The preferred market was hit with widespread negativity throughout the Thursday session.

Leading trading volume, KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferred stock slipped lower.

Elsewhere in finance, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferred stock finished mixed.

Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units sustained a negative swing.

Meanwhile, in utilities, Spire Inc.’s 5.9% series A cumulative redeemable perpetual preferreds were relatively active but flat.

Sector peer Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds were a bright spot in a bleak session.

KeyCorp lower

Ending the day in top position, KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferred stock slipped.

The preferreds (NYSE: KEYPrK) edged 1 cent lower to close at $25.07 on volume of about 344,000 shares.

Elsewhere in the finance space, JPMorgan’s 5.75% series DD and 6% series EE non-cumulative preferred stock finished the day mixed.

The series DD preferreds (NYSE: JPMPrD) closed level at $26.38 with about 274,000 shares trading.

The series EE preferreds (NYSE: JPMPrC) picked up 4 cents to close at $26.52 with about 249,000 shares trading.

Energy Transfer off

Energy Transfer Operating LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units sustained a negative swing throughout Thursday trading.

The preferreds (NYSE: ETPPrE) lost 14 cents to close at $24.71 on volume of about 302,000 shares.

Spire flat

Meanwhile, in utilities, Spire’s 5.9% series A cumulative redeemable perpetual preferreds were relatively active but ended flat at the end of the day.

The preferreds (NYSE: SRPrA) were level to close at $25.83 with about 258,000 shares trading.

Sector peer Duke Energy’s 5.75% series A cumulative redeemable perpetual preferreds saw a gain, going against the prevailing trend.

The preferreds (NYSE: DUKPrA) improved by 6 cents to close at $26.31 on volume of about 159,000 shares.

On Wednesday, the preferreds rose 3 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.07% by the close, hovering around the 0.10% decline from early Thursday activity.

The iShares US Preferred Stock ETF was down 6 cents to $36.52.

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