Ally Financial declines; Invesco preferreds improve; Allstate weaker

By James McCandless

San Antonio, April 20 – The preferred market started a new week trailing as crashing oil futures sparked declines in equities.

Leading the Monday session, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were down 57 cents to close at $20.54 on volume of about 376,000 shares.

Elsewhere in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities picked up 21 cents to close at $27.23 with about 250,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds chalked off 19 cents to close at $26.21 on volume of about 188,000 shares.

REIT Invesco Mortgage Capital Inc.’s 7.5% series C fixed-to-floating rate cumulative redeemable preferreds gained 36 cents to close at $12.25 with about 343,000 shares trading.

Meanwhile, insurance company Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds lost 16 cents to close at $24.90 with about 231,000 shares trading.

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