NiSource’s new preferreds flat in secondary; Deutsche Bank falls; Hartford negative

By James McCandless

San Antonio, Nov. 30 – The preferred market closed the Friday session in negative territory with participants still focused on a newer issue.

NiSource Inc.’s new $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock ended the day level.

The preferreds, trading under the temporary symbol “NISOP,” were level at $24.85 on volume of about 1.2 million shares.

Meanwhile, in finance, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities and Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities moved lower in the shadow of a money laundering probe.

The 8.05% preferreds (NYSE: DKT) were down 35 cents to close at $24.65.

The 6.55% preferreds (NYSE: DXB) plunged $1.16 to close at $22.89.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock was also declining.

The preferreds (NYSE: BACPrK) declined 11 cents to close at $24.25 on volume of about 525,000 shares.

Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferreds improved.

The preferreds (NYSE: ALLYPrA) gained 19 cents to close at $25.50 with about 416,000 shares trading.

Insurance name Hartford Financial Services Group, Inc.’s 6% series G non-cumulative preferreds were trading negative.

The preferreds (NYSE: HIGPrG) dropped 41 cents to close at $25.04 on volume of about 334,000 shares.

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