Morning Commentary: AT&T lifted; New Residential rises; PennantPark $25-par notes gain

By James McCandless

San Antonio, March 10 – The preferred market opened Tuesday with a partial recovery from Monday’s rout as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.89%.

Leading the secondary’s upward swing, telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock traded higher.

The preferreds (NYSE: TPrC) were up 33 cents to $24.31 on volume of about 74,000 shares.

Meanwhile, real estate investment trust New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock was on the rise.

The preferreds (NYSE: NRZPrC) were tacking on 25 cents to $21.70 with about 67,000 shares trading.

Meanwhile, asset manager PennantPark Investment Corp.’s 5.5% notes due 2024 were following the market’s trend.

The notes (Nasdaq: PNNTG) were gaining 22 cents to $25.22 on volume of about 56,000 notes.

In the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were gaining ground.

The preferreds (NYSE: COFPrI) were rising 23 cents to $24.85 with about 49,000 shares trading.

Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were rising off of yesterday’s drop.

The preferreds (NYSE: ETPPrE) were picking up $1.10 to $18.60 on volume of about 49,000 shares.

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