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Deutsche Bank mixed; Annaly Capital preferreds better; Qwest $25-par notes edge lower
By James McCandless
San Antonio, July 23 – The preferred space spent much of Tuesday trading in mixed directions.
Leading trading volume, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities and Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were mixed.
Sector peer Voya Financial, Inc.’s 5.35% series B fixed-rate reset non-cumulative preferred stock improved.
Synovus Financial Corp.’s 5.875% series E fixed-rate reset non-cumulative perpetual preferreds saw a negative swing.
REIT Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock gained.
Elsewhere, in communications, Qwest Corp.’s 6.5% notes due 2056 dipped.
Deutsche Bank mixed
Deutsche Bank’s 8.05% and 6.55% trust preferred securities ended up mixed at the close.
The 8.05% preferreds (NYSE: DKT) were down 21 cents to close at $25.08 on volume of about 537,000 shares.
On Monday, the preferreds rose 6 cents.
The 6.55% preferreds (NYSE: DXB) were up 4 cents to close at $24.23 on volume of about 407,000 shares.
On Monday, the preferreds lost 11 cents.
Elsewhere in the finance space, Voya’s 5.35% series B fixed-rate reset non-cumulative preferreds were seen improving.
The preferreds (NYSE: VOYAPrB) added 17 cents to close at $25.73 with about 372,000 shares trading.
Synovus’ 5.875% series E fixed-rate reset non-cumulative perpetual preferreds saw a negative swing in trading.
The preferreds (NYSE: SNVPrE) declined by 3 cents to close at $25.85 on volume of about 299,000 shares.
Annaly Capital gains
Real estate investment trust Annaly Capital’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock was seen gaining.
The preferreds (NYSE: NLYPrI) improved by 3 cents to $25.52 with about 211,000 shares trading.
Qwest dips
Elsewhere, in communications, Qwest’s 6.5% notes due 2056 dipped.
The notes (NYSE: CTBB) fell 3 cents to close at $24.11 on volume of about 179,000 notes.
On Monday, the preferreds moved up 12 cents.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.09% at the end of the session, giving back a 0.07% rise from early Tuesday trading.
The iShares US Preferred Stock ETF was up 5 cents to $37.25.
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