Morning Commentary: ING Groep improves; Hartford lower; eBay’s $25-par notes decline

By James McCandless

San Antonio, Nov. 26 – A new week in preferred trading started higher as the Wells Fargo Hybrid & Preferred Securities Financial index rose 0.21%.

Leading the secondary, ING Groep NV’s 6.375% perpetual hybrid capital securities were better at the beginning of trading.

The securities (NYSE: ISF) were up 1 cent to $25.34 on volume of about 115,000 shares

Bank of America Corp.’s 5.875% series HH non-cumulative preferreds were among the early gainers.

The preferreds (NYSE: BACPrK) were up 6 cents to $24.59 with about 55,000 shares trading.

Elsewhere in the finance space, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were also improving.

The preferreds (NYSE: DKT) added 4 cents to $25.42 on volume of about 42,000 shares.

The company’s preferreds have been under pressure after news broke last week that the company processed payments for Danske Bank, which is now being investigated for money laundering.

In the insurance space, the Hartford Financial Services Group, Inc.’s 6% series G non-cumulative preferreds were declining.

The preferreds (NYSE: HIGPrG) were down 11 cents to $25.17 with about 49,000 shares trading.

Online commerce company eBay Inc.’s 6% notes due 2056 were moving lower at the start of the session.

The notes (Nasdaq: EBAYL) were off 11 cents to $25.44 on volume of about 24,000 notes.

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