MetLife preferreds top par; Ally Financial positive; NuStar Energy jumps

By James McCandless

San Antonio, Jan. 8 – The preferred market turned much of its attention to new issuance in Wednesday trading.

At the top of the secondary, MetLife, Inc.’s new $1 billion 4.75% series F non-cumulative preferred stock ended the first day above par.

The preferreds, trading under the temporary symbol “METFL,” closed at $25.03 on volume of about 7.7 million shares.

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

The preferreds (NYSE: ALLYPrA) picked up 2 cents to close at $26.12 with about 778,000 shares trading.

Oil and gas name NuStar Energy LP’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferred units jumped upward.

Elsewhere, in telecom, AT&T Inc.’s 5% series A perpetual preferred stock spent much of the session trailing.

Real estate developer Brookfield Property Partners LP’s 6.5% series 1 class A cumulative redeemable perpetual preferred units declined.

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