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Morning Commentary: Deutsche Bank slides; Annaly Capital trails; Triton negative
By James McCandless
San Antonio, July 8 – The preferred space opened a new week on a modest decline with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.03%.
Leading the way downward was Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities and Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities.
The 8.05% preferreds (NYSE: DKT) were down 23 cents to $25.42 on volume of about 235,000 shares.
The 6.55% preferreds (NYSE: DXB) were falling 39 cents to $24.77 on volume of about 100,000 shares.
Over the weekend, the bank announced that it would shutter its equities trading division and cut 18,000 jobs from its investment banking arm in a bid to cut costs and revamp its business.
Elsewhere in the finance space, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferred stock was also negative early.
The preferreds (NYSE: MSPrK) were losing 2 cents to $26.80 with about 106,000 shares trading.
Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the morning’s trend.
The preferreds (NYSE: ALLYPrA) were declining by 4 cents to $26.36 on volume of about 36,000 shares.
Meanwhile, real estate investment trust Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock was trailing.
The preferreds (NYSE: NLYPrI) were off by 3 cents to $25.05 with about 126,000 shares trading.
In shipping, Triton International Ltd.’s 8% series B cumulative redeemable perpetual preference shares were also under water.
The preferreds (NYSE: TRTNPrB) were down 10 cents to $25.44 on volume of about 62,000 shares.
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