AT&T preferreds below par; AXA finishes better; Northern Trust improves

By James McCandless

San Antonio, Dec. 6 – The preferred market closed the week on a positive note after a week of trending negative.

On its first day in the secondary, AT&T Inc.’s new $1.2 billion 5% series A perpetual preferred stock ended below par.

Elsewhere, in the finance space, AXA Equitable Holdings, Inc.’s 5.25% series A fixed-rate non-cumulative perpetual preferreds finished better.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock was active but unchanged.

Morgan Stanley’s 4.875% series L non-cumulative preferred stock was lifted higher.

Asset manager Northern Trust Corp.’s 4.7% series E non-cumulative perpetual preferreds followed the trend.

AT&T under par

On its first day of trading in the secondary market, telecom name AT&T’s new $1.2 billion 5% series A perpetual preferred stock ended below par.

The preferreds, trading under the temporary symbol “ATATL,” closed at $24.86 on volume of about 9.7 million shares.

The deal priced on Thursday.

AXA better

Elsewhere, in the finance space, AXA’s 5.25% series A fixed-rate non-cumulative perpetual preferreds finished the session better.

The preferreds (NYSE: EQHPrA) gained 7 cents to close at $25.05 with about 469,000 shares trading.

On Thursday, the preferreds dipped 5 cents.

Sector peer Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock was relatively active but ended the day unchanged.

On Thursday, the preferreds fell by 4 cents.

The preferreds (NYSE: COFPrI) closed level at $24.70 on volume of about 311,000 shares.

Morgan Stanley’s 4.875% series L non-cumulative preferred stock was lifted higher with the rest of the market.

The preferreds (NYSE: MSPrL) picked up 14 cents to close at $24.85 with about 294,000 shares trading.

Northern Trust gains

Meanwhile, asset manager Northern Trust’s 4.7% series E non-cumulative perpetual preferreds followed the day’s trend.

The preferreds (Nasdaq: NTRSO) improved by 4 cents to close at $25.30 on volume of about 268,000 shares.

On Thursday, the preferreds shifted lower by 21 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index capped the week up by 0.02%, reversing a 0.13% dip from early Friday trading.

The iShares US Preferred Stock ETF was up 4 cents to $36.86.

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