Ally Financial drops; AT&T preferreds sink; Energy Transfer craters

By James McCandless

San Antonio, March 9 – The preferred market started the week following the common space into negative territory as coronavirus and energy worries informed trading.

Leading secondary trading activity, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities dropped 57 cents to close at $25.03 on volume of about 894,000 shares.

Elsewhere in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock also weakened, losing 81 cents to close at $24.74 with about 665,000 shares trading.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds followed the negative trend, falling 86 cents to close at $24.01 on volume of about 614,000 shares.

Meanwhile AT&T, Inc.’s 4.75% series C perpetual preferred stock and its 5% series A cumulative perpetual preferred stock both fell.

The series C preferreds fell 78 cents to close at $23.98 with about 537,000 shares trading.

The series A preferreds slid 83 cents to close at $24.68 with about 388,000 shares trading.

In oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units crashed $5.48 to close at $17.50 on volume of about 367,000 shares.

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