Goldman Sachs preferreds mixed; AT&T’s $25-par notes improve; Energy Transfer rises

By James McCandless

San Antonio, Dec. 11 – The Tuesday session in the preferred space was generally positive with robust trading volume.

Goldman Sachs Group, Inc.’s 5.5% series J fixed-to-floating rate perpetual non-cumulative preferreds and its series D floating-rate non-cumulative preferreds were mixed at the top of the secondary.

Elsewhere in finance, State Street Corp.’s 5.35% series G fixed-to-floating rate non-cumulative preferred stock rose.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds declined.

AT&T, Inc.’s 5.35% global notes due 2066 improved.

In energy, Energy Transfer Partners LP’s 7.375% series C and 7.625% series D fixed-to-floating rate cumulative preferred units were rising.

Goldman Sachs mixed

At the top of the secondary space, Goldman Sachs’ 5.5% series J fixed-to-floating rate perpetual non-cumulative preferreds and its series D floating-rate non-cumulative preferreds ended the session mixed.

The series J preferreds (NYSE: GSPrJ) were up 18 cents to close at $24.46 on volume of about 619,000 shares.

On Monday, the preferreds were level.

The series D preferreds (NYSE: GSPrD) lost 14 cents to close at $18.34 on volume of about 317,000 shares.

On Monday, the preferreds added 11 cents.

Elsewhere in the finance space, State Street’s 5.35% series G fixed-to-floating rate non-cumulative preferred stock ended Tuesday better.

The preferreds (NYSE: STTPrG) picked up 4 cents to close at $24.25 with about 547,000 shares trading.

Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were lower.

The preferreds (NYSE: WFCPrQ) declined 4 cents to close at $24.45 on volume of about 429,000 shares.

AT&T improves

Meanwhile, in the telecom space, AT&T’s 5.35% global notes due 2066 improved.

The notes (NYSE: TBB) were up 3 cents to close at $22.66 with about 276,000 notes trading.

Last week, the company argued for its potential merger with Time Warner in the U.S. Court of Appeals, arguing against the government’s claims that the deal would harm consumer choice.

Energy Transfer rises

In oil and gas, Energy Transfer’s 7.375% series C and 7.625% series D fixed-to-floating rate cumulative preferred units were both seen rising.

The series C preferreds (NYSE: ETPPrC) gained 21 cents to close at $22.40 on volume of about 265,000 shares.

The series D preferreds (NYSE: ETPPrD) were up 23 cents to close at $22.80 on volume of about 253,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.14% at the end of the Tuesday session after rising 0.32% at the start of trading.

The iShares US Preferred Stock ETF was up 6 cents to $34.81.

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