Morning Commentary: AT&T preferreds below par; AXA active, flat; Energy Transfer higher

By James McCandless

San Antonio, Dec. 6 – As the week headed for the close, the preferred market was negative with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.13%.

Dominating the secondary, telecom giant AT&T Inc.’s new $1.2 billion 5% series A perpetual preferred stock was seen moving below par on its first day.

The preferreds, trading under the temporary symbol “ATATL,” were spotted at $24.92 on volume of about 4.1 million shares.

Elsewhere, in the finance space, AXA Equitable Holdings, Inc.’s 5.25% series A fixed-rate non-cumulative perpetual preferreds were relatively active but unchanged so far.

The preferreds (NYSE: EQHPrA) were level at $24.98 with about 105,000 shares trading.

Sector peer First Republic Bank’s 4.7% series J non-cumulative perpetual preferred stock was also rigid as the session started.

The preferreds (NYSE: FRCPrJ) were flat at $24.73 on volume of about 56,000 shares.

Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock was under water.

The preferreds (NYSE: COFPrI) were falling 9 cents to $24.61 with about 43,000 shares trading.

Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were moving higher.

The preferreds (NYSE: ETPPrE) were gaining 7 cents to $24.12 on volume of about 48,000 shares.

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