Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Ally Financial Inc. > News item |
Preferreds steady as volume improves; Ally declines amid CEO exit; Triangle Capital on tap
By Stephanie N. Rotondo
Phoenix, Feb. 3 – The preferred stock market was holding its own as Australia unexpectedly cut its interest rates and Germany’s 10-year bond yields fell below Japan’s for the first time.
The Wells Fargo Hybrid and Preferred Securities index ended up 1 basis point.
Though the overall market was little changed on the day, a source said that the most actively traded issues all ended weaker.
Still, he noted that volume experienced a “dramatic improvement.”
Morgan Stanley & Co. Inc.’s 6.375% series I fixed-to-floating rate noncumulative preferreds (NYSE: MSPI) ended down 4 cents at $26.04, with nearly 1.4 million shares being exchanged. Bank of America Corp.’s 6.5% series Y noncumulative preferreds (NYSE: BACPY) meanwhile dipped a penny to $25.30, on about 1.09 million shares trading.
Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities (NYSE: ALLYPA) were also among the day’s most actively traded issues as investors reacted to news of a new chief executive officer.
The preferreds finished the day at $26.29, down 3 cents. The 8.5% series A fixed-to-floating rate perpetual preferreds (NYSE: ALLYPB) fell 16 cents to $26.23.
Meanwhile, Triangle Capital Corp. said it was offering $50 million of $25-par notes due 2022, with price talk in a 6.375% to 6.5% range, according to a trader.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.