Citigroup preferreds dive; AT&T leveled; Athene knocked down

By James McCandless

San Antonio, March 12 – The preferred market continued to sustain heavy losses on Thursday, joining other markets as fears over the coronavirus held on.

Leading the drop in the secondary, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities and Citigroup, Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock were both seen diving.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities tracked lower.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds followed the day’s trend.

Telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock and its 5% series A cumulative perpetual preferred stock were leveled.

Retirement services provider Athene Holdings Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were knocked down.

Citigroup dives

Leading the large drop in the secondary space, Citigroup’s 7.875% fixed-to-floating rate trust preferred securities and its 6.875% series K fixed-to-floating rate non-cumulative preferred stock were both seen diving.

The 7.875% preferreds (NYSE: CPrN) were down $25.54 to close at $25.54 on volume of about 1 million shares.

The series K preferreds (NYSE: CPrK) dipped $1.31 to close at $25.27 on volume of about 498,000 shares.

Elsewhere in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities tracked lower by the end of the session.

The preferreds (NYSE: ALLYPrA) dropped $2.48 to close at $22.52 with about 917,000 shares trading.

On Wednesday, the preferreds shed 13 cents.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferreds followed the day’s trend.

The preferreds (NYSE: WFCPrZ) fell $2.29 to close at $21.68 on volume of about 803,000 shares.

On Wednesday, the preferreds dipped 36 cents.

AT&T worse

Telecom company AT&T’s 4.75% series C perpetual preferred stock and its 5% series A cumulative perpetual preferred stock were both leveled.

The series C preferreds (NYSE: TPrC) declined by $2.40 to close at $21.47 with about 678,000 shares trading.

On Wednesday, the preferreds lopped off 43 cents.

The series A preferreds (NYSE: TPrA) shifted down by $2.38 to close at $22.64 with about 468,000 shares trading.

On Wednesday, the preferreds shed 27 cents.

Athene off

Meanwhile, retirement services provider Athene’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were knocked down.

The preferreds (NYSE: ATHPrD) dived $4.46 to close at $21.60 on volume of about 434,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was pushed down 6.57% at the end of the session, increasing the 4.7% crash from early Thursday trading.

The iShares US Preferred Stock ETF was down $3.45 to $31.34.

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