Goldman Sachs preferreds improve; AT&T’s $25-par notes gain; Northern Trust rises

By James McCandless

San Antonio, Jan. 2 – A seesaw day for the preferred market led to a day of gains for most of the space.

Leading trading was Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock, which improved in the session.

The preferreds (NYSE: GSPrD) were up 62 cents to close at $18.12 on volume of about 334,000 shares.

Elsewhere in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities also rose.

The preferreds (NYSE: ALLYPrA) gained 20 cents to close at $25.55 with about 320,000 shares trading.

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

The preferreds (NYSE: BACPrK) lost 2 cents to close at $24.75 on volume of about 255,000 shares.

In telecom, AT&T Inc.’s 5.35% global notes due 2066 saw a boost.

The notes (NYSE: TBB) shot up 39 cents to $22.65 with about 251,000 notes trading.

Asset manager Northern Trust Corp.’s 5.85% series C non-cumulative perpetual preferreds joined the positive trend.

The preferreds (Nasdaq: NTRSP) picked up 33 cents to close at $25.14 on volume of about 240,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.98% at the end of trading, reversing a 0.23% drop in early activity.

The iShares US Preferred Stock ETF was up 32 cents to $34.55.

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