Morning Commentary: Ally Financial preferreds improve; AT&T $25-par notes flat; Legg Mason lower

By James McCandless

San Antonio, April 2 – Top traders in the preferred space opened mixed as the Wells Fargo Hybrid & Preferred Securities Financial index started lower by 0.05%.

Leading early trading, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were slightly higher to begin the day.

The preferreds (NYSE: ALLYPrA) were up 3 cents to $26.16 on volume of about 39,000 shares.

On Monday, the company announced a buyback program for $1.25 billion of its common stock.

Elsewhere in finance, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were also positive.

The preferreds (NYSE: CPrN) were gaining 13 cents to $27.55 with about 30,000 shares trading.

JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were declining at the open of the session.

The preferreds (NYSE: JPMPrC) started declining by 5 cents to $26.42 on volume of about 29,000 shares.

Meanwhile, telecom giant AT&T, Inc.’s 5.35% global notes due 2066 were relatively active but flat to start the trading day.

The notes (NYSE: TBB) were level early at $25.27 with about 27,000 notes trading.

Elsewhere, asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 were on a negative path.

The notes (NYSE: LMHB) were down 7 cents to $24.20 on volume of about 23,000 notes.

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