AT&T positive; MetLife preferreds see improvement; Citigroup declines

By James McCandless

San Antonio, July 10 – As the preferred space closed out the week, positivity took hold despite negative pressure on volume leaders.

At the top of secondary trading, telecom name AT&T, Inc.’s 4.75% series C perpetual preferreds were up 1 cent to close at $24.37 on volume of about 299,000 shares.

Insurance company MetLife, Inc.’s 4.75% series F non-cumulative preferreds gained 3 cents to close at $25.03 with about 225,000 shares trading.

Elsewhere, in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities shaved off 6 cents to close at $26.84 on volume of about 174,000 shares.

Sector peer Wells Fargo & Co.’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferreds were down 10 cents to close at $26.72 with about 144,000 shares trading.

Meanwhile, oil and gas name NGL Energy Partners LP’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units dived $1.19 to close at $11.95 on volume of about 141,000 shares trading.

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