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Morning Commentary: JPMorgan preferreds lower; New York Mortgage off; AT&T $25-pars up
By James McCandless
San Antonio, March 30 – The preferred market began the week on negative footing as the Wells Fargo Hybrid & Preferred Securities Financial index started down by 0.41%.
Leading early trading, JPMorgan Chase & Co.’s 5.75% series DD and 6.1% series AA non-cumulative preferred stocks were both weakening.
The series DD preferreds (NYSE: JPMPrD) were down 10 cents to $24.76 on volume of about 85,000 shares.
The series AA preferreds (NYSE: JPMPrG) were declining by 6 cents to $25.04 on volume of about 70,000 shares.
Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I and 4.8% series J fixed-rate non-cumulative perpetual preferred stocks were mixed.
The series I preferreds (NYSE: COFPrI) were adding 23 cents to $20.38 with about 55,000 shares trading.
The series J preferreds (NYSE: COFPrJ) were dipping 11 cents to $19.14 with about 46,000 shares trading.
Meanwhile, real estate investment trust New York Mortgage Trust, Inc.’s 7.875% series E fixed-to-floating rate cumulative redeemable preferred stock was under pressure.
The company said early Monday that it continues to consider all financing options, including the possibility of a forbearance agreement with financial counterparties.
The preferreds (Nasdaq: NYMTM) were sliding 66 cents to $8.71 on volume of about 58,000 shares.
Sector peer Invesco Mortgage Capital Inc.’s 7.5% series C fixed-to-floating rate cumulative redeemable preferred stock was also diving.
The preferreds (NYSE: IVRPrC) were declining $1.04 to $9.61 with about 47,000 shares trading.
Telecom services provider AT&T, Inc.’s 5.35% global notes due 2066 opened the session on the positive side.
The notes (NYSE: TBB) were picking up 2 cents to $25.02 on volume of about 44,000 notes.
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