Morning Commentary: Hartford preferreds open above par; Allstate higher; Citigroup up

By James McCandless

San Antonio, Oct. 31 – The preferred market started Wednesday’s session focused on a new issue, leading an overall positive trend as the Wells Fargo Hybrid & Preferred Securities Financial index rose 0.08%.

Hartford Financial Services Group Inc.’s new $300 million 6% series G non-cumulative perpetual preferred stock was spotted trading above par on its first day on the market.

The preferreds, trading under the temporary symbol “HIGJL,” were seen at $25.10 on volume of about 385,000 shares.

The deal priced on Tuesday.

Elsewhere in the insurance space, Allstate Corp.’s 5.625% series G non-cumulative perpetual preferreds were slightly higher.

The preferreds (NYSE: ALLPrG) were up 1 cent to $24.58 with about 38,000 shares trading.

Meanwhile, in the financial sector, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were improving.

The preferreds (NYSE: JPMPrD) were up 11 cents to $24.93 on volume of about 56,000 shares.

Citigroup, Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock was also moving higher.

The preferreds (NYSE: CPrK) were up 2 cents to $27.25 with about 52,000 shares trading.

Natural gas services provider Energy Transfer LP’s 7.375% series C fixed-to-floating rate cumulative preferred units saw a boost in early activity.

The preferreds (NYSE: ETPPrC) were up 24 cents to $24.79 on volume of about 27,000 shares.

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