Ally Financial declines; Invesco preferreds improve; Allstate weaker

By James McCandless

San Antonio, April 20 – The preferred market started a new week trailing as crashing oil futures sparked declines in equities.

Leading the Monday session, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities declined.

Elsewhere in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities gained.

Sector peer JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was under pressure.

REIT Invesco Mortgage Capital Inc.’s 7.5% series C fixed-to-floating rate cumulative redeemable preferreds improved.

Meanwhile, insurance company Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds weakened.

Ally off

Leading the Monday session’s secondary activity, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities declined.

The preferreds (NYSE: ALLYPrA) were down 57 cents to close at $20.54 on volume of about 376,000 shares.

Elsewhere in the finance space, Citigroup’s 7.875% fixed-to-floating rate trust preferred securities gained ground by the end of the afternoon.

The preferreds (NYSE: CPrN) picked up 21 cents to close at $27.23 with about 250,000 shares trading.

Sector peer JPMorgan’s 5.75% series DD non-cumulative preferred stock was under pressure for most of the session.

The preferreds (NYSE: JPMPrD) chalked off 19 cents to close at $26.21 on volume of about 188,000 shares.

Invesco up

Real estate investment trust Invesco’s 7.5% series C fixed-to-floating rate cumulative redeemable preferreds improved as the session came to a close.

The preferreds (NYSE: IVRPrC) gained 36 cents to close at $12.25 with about 343,000 shares trading.

In a Monday Securities and Exchange Commission filing, the company reported that several financing counterparties sold $1.9 billion worth of pledged securities.

Allstate weaker

Meanwhile, insurance company Allstate’s 5.1% series H fixed-rate non-cumulative perpetual preferreds weakened with the rest of the market.

The preferreds (NYSE: ALLPrH) lost 16 cents to close at $24.90 with about 231,000 shares trading.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index capped Monday down by 0.12%, partially recovering from a 0.64% fall from early Monday trading.

The iShares US Preferred Stock ETF was down 16 cents to $33.70.

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