Morning Commentary: Wintrust under par; AT&T $25-pars rise; Pennsylvania REIT weaker

By James McCandless

San Antonio, May 7 – The preferred space was on a positive trend early Thursday as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 0.19%.

Leading secondary trading volume on its first trading day, Wintrust Financial Corp.’s new $250 million 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock was spotted moving under par.

The preferreds, trading under the temporary symbol “WTFNL,” were seen below par at $24.98 on volume of about 1.5 million shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was improving.

The preferreds (NYSE: JPMPrD) were adding 8 cents to $26.36 with about 39,000 shares trading.

Telecom services provider AT&T Inc.’s 5.35% global notes due 2066 started on the positive side.

The notes (NYSE: TBB) were picking up 1 cent to $26.00 on volume of about 77,000 notes.

Meanwhile, Pennsylvania Real Estate Investment Trust’s 6.875% series D cumulative redeemable perpetual preferreds were weakening, going against the early trend.

The preferreds (NYSE: PEIPrD) were off 28 cents to $4.72 with about 44,000 shares trading.

Sector peer Public Storage’s 4.875% series I cumulative preferred shares were also declining as the day kicked off.

The preferreds (NYSE: PSAPrI) were losing 10 cents to $25.35 on volume of about 40,000 shares.

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