Morning Commentary: AT&T’s $25-par notes up on court victory; RBC improves; MetLife lower

By James McCandless

San Antonio, June 13 – AT&T Inc.’s 5.35% global notes due 2066 were gaining in early trading with about 26,000 notes changing hands.

After the market close on Tuesday, a judge ruled that the company could go forward with its proposed merger with Time Warner Inc. after being sued by the Department of Justice over concerns that the new company would harm consumer choice.

The $25-par notes (NYSE: TBB) were up 6 cents to $25.33.

The Royal Bank of Scotland Group plc’s series S non-cumulative dollar preference shares gained to lead a slow start to secondary trading with about 75,000 shares exchanged.

Last week, the government of the United Kingdom sold its 7.7% stake in the company.

The preferreds (NYSE: RBSPrS) were up 6 cents to $25.42.

MetLife, Inc.’s $805 million of 5.625% series E non-cumulative preferred shares were off with about 69,000 shares trading.

The deal was priced May 30 at $700 million and was lifted to $805 million in a greenshoe exercise.

The preferreds (NYSE: METPrE) were down 3 cents to $25.22.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.06% in early trading, continuing from the 0.12% decline at the market close on Tuesday.

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