Morning Commentary: JPMorgan preferreds gain; Southern Co., AT&T $25-par notes improve

By James McCandless

San Antonio, Nov. 13 – The preferred market started Tuesday’s session in positive territory with light trading volume, seeing a 0.03% gain in the Wells Fargo Hybrid & Preferred Securities Financial index.

Leading secondary activity by volume, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was trading up.

The preferreds (NYSE: JPMPrD) were up 4 cents to $24.97 on volume of about 54,000 shares.

Elsewhere in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities saw a boost.

The preferreds (NYSE: ALLYPrA) rose 12 cents to $26.02 with about 22,000 shares trading.

In the utilities sector, the Southern Co.’s 6.25% series 2015A junior subordinated notes started the session higher.

The notes (NYSE: SOJA) were up 5 cents to $25.96 on volume of about 40,000 notes.

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

The notes (NYSE: TBB) edged 1 cent higher to $23.96 with about 28,000 notes trading.

In the insurance space, Maiden Holdings, Ltd.’s 7.75% notes due 2043 saw gains at Tuesday’s start.

The notes (NYSE: MHNC) climbed 8 cents to $23.40 on volume of about 27,000 notes.

The company disappointed investors late Friday after reporting a loss of $2.83 per share for the third quarter.

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