Southern Co. $25-par notes rise; Capital One improves; AT&T moves up

By James McCandless

San Antonio, Sept. 29 – At the end of Tuesday activity, the preferred space was largely unchanged with top traders skewing positively.

At the top of the day’s secondary trading, Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 rose.

Elsewhere in the utilities space, NextEra Energy Capital Holdings, Inc.’s 5.125% series I junior subordinated debentures due 2072 ended on better footing.

Meanwhile, in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock improved.

Sector peer PNC Financial Services Group, Inc.’s 5.375% series Q non-cumulative perpetual preferreds also ended the afternoon on the positive side.

Telecom services giant AT&T, Inc.’s 4.75% series C perpetual preferred stock moved upward to end the session.

Southern Co. rises

At the top of the day’s secondary market trading, Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 rose.

The notes (NYSE: SOJA) were up 1 cent to close at $25.38 on volume of about 236,000 notes.

On Monday, the notes shaved off 1 cent.

Elsewhere in the utilities space, NextEra Energy’s 5.125% series I junior subordinated debentures due 2072 ended on slightly better footing.

The debentures (NYSE: NEEPrI) tacked on 1 cent to close at $25.24 with about 191,000 debentures trading.

Capital One improves

Meanwhile, in the finance space, Capital One’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock improved.

The preferreds (NYSE: COFPrJ) picked up 7 cents to close at $24.70 on volume of about 211,000 shares.

On Monday, the preferreds shot up 19 cents.

Sector peer PNC Financial’s 5.375% series Q non-cumulative perpetual preferreds also ended the afternoon on the positive side.

The preferreds (NYSE: PNCPrQ) gained 1 cent to close at $25.00 with about 186,000 shares trading.

AT&T adds

Telecom services giant AT&T’s 4.75% series C perpetual preferred stock moved upward to end the session.

The preferreds (NYSE: TPrC) added 5 cents to close at $25.72 on volume of about 182,000 shares.

Indexes

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day up by 0.04%, doubling a 0.02% gain from early Tuesday trading.

The iShares US Preferred Stock ETF was down 4 cents to $36.51.

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