Citigroup leads market decline; AGNC preferreds lose; AT&T dives

By James McCandless

San Antonio, March 16 – The preferred market started a new week with a wholesale decline as fears of the economic impact of the coronavirus set in.

Leading the day’s decline, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were down $1.29 to close at $25.01 on volume of about 1.2 million shares.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities dropped $3.43 to close at $19.70 with about 1 million shares trading.

Sector peer Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds followed the trend, declining $4.99 to close at $16.86 on volume of about 739,000 shares.

REIT AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds lopped off $1.14 to close at $16.61 with about 649,000 shares trading.

Meanwhile, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock dropped $2.40 to close at $19.60 on volume of about 572,000 shares.

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