Morning Commentary: Citizens tops par; Capital One improves; Energy Transfer active

By James McCandless

San Antonio, Oct. 22 – The preferred space opened Tuesday in positive territory with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.04%, though top traders showed an initially varied performance.

Leading early in the secondary market, Citizens Financial Group, Inc.’s new $450 million 5% series E fixed-rate non-cumulative perpetual preferred stock was seen moving above par.

The preferreds, trading under the temporary symbol “CFGZL,” were seen at $25.08 on volume of about 988,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I non-cumulative perpetual preferreds also started on an upward track.

The preferreds (NYSE: COFPrI) were adding 3 cents to $25.12 with about 196,000 shares trading.

Meanwhile, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were relatively active but flat.

The preferreds (NYSE: ETPPrE) were unchanged at $25.80 on volume of about 49,000 shares.

In utilities, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock began the morning on the decline.

The preferreds (NYSE: DUKPrA) were off 6 cents to $27.90 with about 45,000 shares trading.

Real estate investment trust New York Mortgage Trust, Inc.’s 7.875% series E fixed-to-floating rate cumulative redeemable preferreds were also weaker on Tuesday morning.

The preferreds (Nasdaq: NYMTM) were down 5 cents to $24.91 on volume of about 33,000 shares.

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