MetLife pushes upward; NuStar improves; Ally Financial preferreds gain

By James McCandless

San Antonio, Jan. 10 – As the week came to an end, the preferred market saw gains across the spectrum.

For the third day, MetLife, Inc.’s new 4.75% series F non-cumulative preferred stock pushed upward again.

Oil and gas name NuStar Energy LP’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred units and its 7.625% fixed-to-floating rate subordinated notes due 2043 both improved.

Meanwhile, in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities also gained.

Sector peer First Republic Bank’s 4.7% series J non-cumulative perpetual preferreds were active but unchanged.

Elsewhere, telecom name AT&T Inc.’s 5% series A perpetual preferred stock followed the market’s positive trend.

MetLife better

For the third day in a row since pricing on Tuesday, insurance company MetLife’s new 4.75% series F non-cumulative preferred stock pushed upward again.

The preferreds, trading under the temporary symbol “METFL,” were up 11 cents to close at $25.35 on volume of about 1.6 million shares.

On Thursday, the preferreds shot up 14 cents.

NuStar improves

Oil and gas name NuStar Energy’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred units and its 7.625% fixed-to-floating rate subordinated notes due 2043 both improved by the end of the session.

The series A preferreds (NYSE: NSPrA) gained 2 cents to close at $24.71 with about 515,000 shares trading.

The notes (NYSE: NSS) picked up 14 cents to close at $26.19 with about 340,000 shares trading.

Ally Financial gains

Meanwhile, in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities also gained.

The preferreds (NYSE: ALLYPrA) improved by 3 cents to close at $26.21 on volume of about 444,000 shares.

Sector peer First Republic’s 4.7% series J non-cumulative perpetual preferreds were relatively active but unchanged as the day finished.

The preferreds (NYSE: FRCPrJ) closed level at $25.31 with about 243,000 shares trading.

On Thursday, the preferreds edged up 2 cents.

AT&T better

Elsewhere, telecom name AT&T’s 5% series A perpetual preferred stock followed the secondary market’s positive trend.

The preferreds (NYSE: TPrA) added 5 cents to close at $26.08 on volume of about 287,000 shares.

On Thursday, the preferreds declined by 4 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index ended the week up by 0.14%, reversing a 0.04% drop in early Friday trading.

The iShares US Preferred Stock ETF was up 5 cents to $37.92.

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