Morning Commentary: Brookfield better; Goldman preferreds decline; AT&T $25-pars gain

By James McCandless

San Antonio, Aug. 16 – Friday morning saw a tepid start to preferred trading as the Wells Fargo Hybrid & Preferred Securities Financial index began down 0.02%.

Leading trading for the morning, Brookfield Property Partners LP’s new 6.375% series 2 class A cumulative redeemable perpetual preferred units were moving back up to par.

The preferreds, trading under the temporary symbol “BKOYF,” were up 3 cents to $25.00 on volume of about 50,000 shares.

Meanwhile, in the finance space, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds were under water early in the session.

The preferreds (NYSE: GSPrD) were losing 13 cents to $21.78 with about 52,000 shares trading.

Sector peer Wells Fargo & Co.’s 6% series T non-cumulative class A preferreds were moving steadily upward.

The preferreds (NYSE: WFCPrT) were gaining 7 cents to $25.72 on volume of about 40,000 shares.

JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were relatively active but flat so far.

The preferreds (NYSE: JPMPrC) were level at $27.98 with about 40,000 shares trading.

Telecom name AT&T, Inc.’s 5.35% global notes due 2066 were performing better.

The notes (NYSE: TBB) were improving by 13 cents to $26.67 on volume of about 33,000 notes.

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