Citigroup jumps; AT&T preferreds under pressure; Energy Transfer declines

By James McCandless

San Antonio, Oct. 7 – The preferred space ended the middle of the week session with modest gains while top traders diverged.

At the top of the day’s secondary, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were up 35 cents to close at $27.81 on volume of about 238,000 shares.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds chalked off 3 cents to close at $25.28 with about 195,000 shares trading.

Sector peer PNC Financial Services Group, Inc.’s 5.375% series Q non-cumulative perpetual preferreds tacked on 1 cent to close at $25.00 on volume of about 186,000 shares.

Telecom services giant AT&T, Inc.’s 4.75% series C perpetual preferreds were pushed down 4 cents to $26.20 with about 174,000 shares trading.

Meanwhile, oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferreds shaved off 8 cents to close at $19.59 on volume of about 165,000 shares.

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