Citigroup rises; Annaly Capital preferreds decline; AT&T improves

By James McCandless

San Antonio, March 17 – At the end of Tuesday, the preferred space was lifted as the government outlined its financial plans to address the coronavirus pandemic.

Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities and Citigroup, Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock rose at the top of secondary trading.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended in a higher position.

Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds followed the market to better levels.

Asset manager Annaly Capital Management, Inc.’s 6.85% series F fixed-to-floating rate cumulative redeemable preferred stock declined.

Meanwhile, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferreds improved by the end of the afternoon.

Citigroup rises

Meanwhile, in the finance space, Citigroup’s 7.875% fixed-to-floating rate trust preferred securities and its 6.875% series K fixed-to-floating rate non-cumulative preferred stock spent the day rising.

The 7.875% preferreds (NYSE: CPrN) were up 12 cents to close at $25.13 on volume of about 779,000 shares.

On Monday, the preferreds dived $1.29.

The series K preferreds (NYSE: CPrK) rose 73 cents to close at $24.10 on volume of about 593,000 shares.

Elsewhere in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended in a higher position.

The preferreds (NYSE: ALLYPrA) gained 20 cents to close at $19.90 with about 754,000 shares trading.

Sector peer JPMorgan’s 6% series EE non-cumulative preferreds followed Tuesday’s market to better levels.

The preferreds (NYSE: JPMPrC) shot up 51 cents to close at $25.66 on volume of about 553,000 shares.

Annaly down

Asset manager Annaly Capital’s 6.85% series F fixed-to-floating rate cumulative redeemable preferred stock declined by the end of the session.

The preferreds (NYSE: NLYPrF) dropped 34 cents to close at $18.06 with about 778,000 shares trading.

On Monday, the company declared a quarterly dividend for its common stock and announced the appointment of senior executive David Finkelstein to chief executive officer.

AT&T improves

Meanwhile, telecom giant AT&T’s 4.75% series C perpetual preferreds improved by the end of the afternoon.

The preferreds (NYSE: TPrC) added 32 cents to close at $19.92 on volume of about 603,000 shares.

On Monday, the preferreds dived $2.40.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the session up by 0.34%, reversing a 0.06% loss from early Tuesday trading.

The iShares US Preferred Stock ETF was up 11 cents to $30.25.

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