Morning Commentary: Deutsche Bank improves; AT&T $25-par notes, NiSource preferreds up

By James McCandless

San Antonio, Jan. 8 – The Tuesday session in the preferred space started off with lower trading volume as the Wells Fargo Hybrid & Preferred Securities Financial index started higher by 0.13%.

Leading the secondary early on, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were improving.

The preferreds (NYSE: DKT) were up 6 cents to $25.12 on volume of about 82,000 shares.

Elsewhere in the finance space, Oaktree Capital Group, LLC’s 6.55% series B non-cumulative preferred units were flying high.

The preferreds (NYSE: OAKPrB) opened the session up by 78 cents to $24.43 with about 71,000 shares trading.

Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also better in early Tuesday activity.

The preferreds (NYSE: ALLYPrA) were adding 3 cents to $25.67 on volume of about 69,000 shares.

Elsewhere, in the telecom sector, AT&T Inc.’s 5.35% global notes due 2066 were gaining at the session’s start.

The notes (NYSE: TBB) were up 15 cents to $23.44 with about 48,000 notes trading.

Utilities name NiSource Inc.’s 6.5% series B fixed-rate reset cumulative redeemable perpetual preferred stock was also moving up.

The preferreds (NYSE: NIPrB) were positive by 1 cent to $25.45 on volume of about 24,000 shares.

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