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SoCal Edison preferreds decline; Ally Financial positive; Athene under water
By James McCandless
San Antonio, Dec. 19 – The preferred space ended the day on a slightly positive trend, though volume leaders varied.
At the top of the secondary, Southern California Edison Co., a subsidiary of Edison International, saw its 5.75% cumulative fixed-to-floating rate preferred securities decline.
The preferreds were down 8 cents to close at $24.15 on volume of about 932,000 shares trading.
Meanwhile, in finance, Ally Financial Corp.’s 8.125% series 2 fixed-to-floating rate trust preferred securities finished positive.
The preferreds tacked on 1 cent to close at $26.02 with about 739,000 shares trading.
Sector peer SVB Financial Group’s 5.25% series A non-cumulative perpetual preferred shares ended the day weaker, declining by 3 cents to close at $25.80 on volume of about 554,000 shares.
Retirement name Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate non-cumulative preference shares dipped 8 cents to close at $28.42 with about 663,000 shares trading.
Elsewhere, in telecom, AT&T Inc.’s 5% series A perpetual preferreds spent the Thursday session rising, gaining 12 cents to close at $25.81 on volume of about 534,000 shares.
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