Morning Commentary: MetLife’s new preferreds lead early trading; Energy Transfer’s recent issue off

By James McCandless

San Antonio, June 1 – MetLife, Inc.’s new $700 million pricing of 5.625% series E non-cumulative preferred stock led the preferred market with about 884,000 shares exchanged in early trading.

The deal priced Wednesday.

The preferreds, which are trading under the temporary ticker MTLLP, were up 3 cents to $25.03.

Energy Transfer Partners, LP’s recent 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units edged lower in early trading on about 149,000 units changing hands.

The company’s recent first-quarter report showed mixed results, with earnings missing analyst estimates and revenue beating predictions.

The preferreds (NYSE: ETPPrC) were down 3 cents at $25.05.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.13% in early trading, adding to the 0.07% gain at the market close on Thursday.

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