Morning Commentary: Synovus preferreds continue to gain; Energy Transfer improves

By James McCandless

San Antonio, July 6 – Synovus Financial Corp.’s recent $200 million 6.3% series D fixed-to-floating rate non-cumulative perpetual preferred stock led secondary trading toward the end of the week.

The series D preferreds (NYSE: SNVPrD) were up 7 cents to $25.86 in early trading with about 227,000 shares trading.

On Monday, the company announced plans to pay about $130 million to redeem its outstanding series C fixed-to-floating rate non-cumulative perpetual preferred stock.

Energy Transfer Partners, LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units improved in early trading.

The preferreds (NYSE: ETPPrC) were up 12 cents to $25.34 on volume of about 120,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.27% in early trading.

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