Morning Commentary: AT&T’s 5.35% $25-pars rebound; KeyCorp’s new preferreds unchanged

By James McCandless

San Antonio, July 26 – AT&T, Inc.’s 5.35% global notes due 2066 started to gain back some of their Wednesday losses instigated by the company’s announcement that it was bringing 5.625% global notes due 2067 to market.

After losing almost 3% of their value on Wednesday, the 5.35% notes (NYSE: TBB) were up 10 cents to $24.40 with volume of about 142,000 securities.

Meanwhile, KeyCorp’s new $425 million of 5.65% series F fixed-rate perpetual non-cumulative preferred stock was level to start trading.

The deal priced on Monday.

The preferreds, trading under the temporary symbol “KYYCP,” were unchanged at $24.85 with about 125,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.01% in early trading after picking up 0.01% at the market close on Wednesday.

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