Morning Commentary: HSBC’s 8% preference shares open lower; Allstate’s recent issue slides

By James McCandless

San Antonio, May 30 – HSBC Holdings plc’s 8% perpetual subordinated capital securities exchangeable non-cumulative dollar preference shares led the preferred market in early trading with about 262,000 shares changing hands.

The shares are one of the securities that the company plans to redeem on June 4.

The preference shares (NYSE: HSEB) were down 2 cents to $25.42.

Allstate Corp.’s recent 5.625% series G non-cumulative perpetual preferred stock became active with about 186,000 shares exchanged, already outpacing its average volume.

Last week, the company declared dividends for several of its preferred securities.

The preferreds (NYSE: ALLPrG) were down 11 cents to $25.43.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.12% in early trading, adding to the 0.03% gain at the market close on Tuesday.

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