Morning Commentary: Brookfield preferred units top par; AT&T, Capital One improve

By James McCandless

San Antonio, Feb. 20 – The preferred market started Thursday with gains as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 0.16%.

At the top of early volume, utilities name Brookfield Renewable Partners LP’s new $200 million 5.25% series 17 class A preferred limited partnership units started their first day above par.

The preferreds, trading under the temporary symbol “BKFRF,” were seen trading at $25.40 on volume of about 337,000 shares.

Meanwhile, telecom services company AT&T, Inc.’s recent 4.75% series C perpetual preferred stock was trending higher.

The preferreds, trading under the temporary symbol “ATTXL,” were adding 1 cent to $25.19 with about 186,000 shares trading.

In the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds were following the positive trend.

The preferreds (NYSE: COFPrJ) were gaining 4 cents to $24.98 on volume of about 98,000 shares.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was also improving.

The preferreds (NYSE: WFCPrZ) were being lifted 11 cents to $25.46 with about 69,000 shares trading.

Elsewhere, shipping name Seaspan Corp.’s 7.875% series H cumulative redeemable perpetual preferred stock was under pressure.

The preferreds (NYSE: SSWPrH) were off 10 cents to $25.00 on volume of about 56,000 shares.

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