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Morning Commentary: NiSource’s new preferreds under par; Deutsche Bank lower; AT&T up
By James McCandless
San Antonio, Nov. 29 – The preferred space started Thursday focused on a new issue as the Wells Fargo Hybrid & Preferred Securities Financial index started the session higher by 0.07%.
In the primary market, NiSource Inc.’s new upsized $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock was under par on its first day of trading.
The preferreds, trading under the temporary symbol “NISOP,” were seen at $24.88 on volume of about 1.6 million shares.
The deal priced on Wednesday.
Leading secondary activity, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were lower at the start of trading.
The preferreds (NYSE: DKT) were down 29 cents to $24.99 with about 126,000 shares trading.
News broke early Thursday that German officials were raiding the company’s Frankfurt offices in connection with a money laundering probe, alleging that two employees helped clients set up offshore accounts for that purpose.
Elsewhere in finance, JPMorgan Chase & Co.’s 6.125% series Y non-cumulative preferred stock began the session slightly worse.
The preferreds (NYSE: JPMPrF) were lower by 1 cent to $25.15 on volume of about 34,000 shares.
Bank of America Corp.’s 5.875% series HH non-cumulative preferreds also saw a drop.
The preferreds (NYSE: BACPrK) lost 1 cent at the start of trading to $24.44 with about 34,000 shares trading.
Meanwhile, telecom giant AT&T Inc.’s 5.35% global notes due 2066 were improving at the start of trading.
The notes (NYSE: TBB) were up 3 cents to $22.76 on volume of about 34,000 notes.
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