Morning Commentary: Energy Transfer preferred units up; Bank of America active, flat

By James McCandless

San Antonio, April 24 – As the week came closer to the finish, the preferred space was mainly positive with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.21%.

Leading early secondary trading volume, oil and gas name Energy Transfer Operating LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units were picking up steam.

The preferreds (NYSE: ETPPrD) were up 32 cents to $18.52 on volume of about 61,000 shares.

Meanwhile, in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock was relatively active but flat so far.

The preferreds (NYSE: BACPrN) were holding level at $24.50 with about 62,000 shares trading.

Sector peer Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock was improving.

The preferreds (NYSE: GSPrD) were adding 17 cents to $20.21 on volume of about 41,000 shares.

Real estate investment trust New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferreds were under water early.

The preferreds (NYSE: NRZPrC) were diving $1.14 to $14.29 with about 39,000 shares trading.

Elsewhere, telecom company AT&T Inc.’s 5% series A cumulative perpetual preferred stock was also weakening.

The preferreds (NYSE: TPrA) were shaving off 6 cents to $24.77 on volume of about 26,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.