Morning Commentary: AT&T shoots up amid anti-trust trial, South American IPO; Allstate up again

By James McCandless

San Antonio, April 5 – As the week nears the end, the preferred market started off Thursday’s sessioni mixed.

AT&T Inc.’s preferreds were climbing as the company gets set for an IPO of a minority stake of its South American business, where it expects to raise as much as $653 million.

The preferreds had been trading down in recent days as the company works through its anti-trust lawsuit with the Department of Justice over a potential merger with Time Warner.

Traders saw the series B preferreds climbing 12 cents to reach $25.35 in early trading.

Allstate Corp.’s recent upsized $500 million pricing of $25 par series G fixed rate noncumulative perpetual preferred stock started Thursday’s session higher despite a broader market decline in preferreds.

The series B preferreds were up 4 cents Thursday morning, reaching $25.19.

Priced last Tuesday, the preferreds carry a 5.625% dividend.

Allstate is a Northbrook, Ill.-based insurance provider.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.06% in early trading, adding to the 0.02% decline at market close Wednesday.

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