NiSource’s new preferreds end under par; Deutsche Bank declines; AT&T’s $25-pars lower

By James McCandless

San Antonio, Nov. 29 – The preferred space was largely trading lower on Thursday, while one new issue garnered the market’s attention.

Utilities name NiSource Inc.’s new upsized $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock closed the day under par.

The preferreds, trading under the temporary symbol “NISOP,” were spotted ending at $24.85 on volume of about 4.5 million shares.

The deal priced on Wednesday.

In secondary trading, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were falling under the shadow of a money laundering probe.

The preferreds (NYSE: DKT) were down 28 cents to close at $25.00 with about 334,000 shares trading.

Elsewhere in finance, Regions Financial Corp.’s 6.375% series A non-cumulative perpetual preferreds were also lower.

The preferreds (NYSE: RFPrA) lost 2 cents to close at $25.26 on volume of about 248,000 shares.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock declined.

The preferreds (NYSE: BACPrK) fell 9 cents to $24.36 with about 239,000 shares trading.

In telecom, AT&T Inc.’s 5.35% global notes due 2066 slid lower.

The notes (NYSE: TBB) dropped 18 cents to close at $22.55 on volume of about 222,000 notes.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.21%.

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