Morning Commentary: MetLife higher; First Republic improves; eBay $25-par notes jump

By James McCandless

San Antonio, Jan. 14 – The preferred market opened Tuesday with a modest decline as the Wells Fargo Hybrid & Preferred Securities Financial index was down 0.06%, though top-volume traders trended upward.

Leading early trading volume, MetLife, Inc.’s recent 4.75% series F non-cumulative preferred stock was on a positive push.

The preferreds, trading under the temporary symbol “METFL,” were up 2 cents to $25.32 on volume of about 52,000 shares.

Meanwhile, in the finance space, First Republic Bank’s 4.7% series J non-cumulative perpetual preferred stock was also gaining slightly.

The preferreds (NYSE: FRCPrJ) were adding 2 cents to $25.30 with about 31,000 shares trading.

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

The preferreds (NYSE: COFPrI) were inching up 1 cent to $25.27 on volume of about 29,000 shares.

Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities, like other top traders, were making small gains.

The preferreds (NYSE: ALLYPrA) were tacking on 1 cent to $26.29 with about 28,000 shares trading.

E-commerce company eBay Inc.’s 6% notes due 2056 were jumping into a higher position.

The $25-par notes (Nasdaq: EBAYL) were moving up 21 cents to $27.05 on volume of about 21,000 notes.

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