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Morning Commentary: Deutsche Bank declines; NiSource lower; AT&T’s $25-par notes higher
By James McCandless
San Antonio, Nov. 30 – Early trading in the preferred space was largely lower with the Wells Fargo Hybrid & Preferred Securities Financial index down 0.03% at the start.
At the top of the secondary, 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 trading lower at the start of the Friday session.
The 8.05% preferreds (NYSE: DKT) were down 16 cents to $24.84 on volume of about 112,000 shares.
The 6.55% preferreds (NYSE: DXB) were falling 28 cents to $23.77 on volume of about 61,000 shares.
For a second day, German law enforcement officials were raiding Deutsche Bank’s corporate offices in Frankfurt in connection with a money laundering probe, extending the search to offices of members of the board.
Elsewhere in finance, Goldman Sachs Group, Inc.’s 5.5% series J fixed-to-floating rate perpetual non-cumulative preferreds were also declining.
The preferreds (NYSE: GSPrJ) were down 9 cents to $24.21 with about 41,000 shares trading.
Elsewhere, in utilities, NiSource Inc.’s new upsized $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock was active but flat.
The preferreds, trading under the temporary symbol “NISOP,” were level at $24.85 on volume of about 87,000 shares.
Telecom name AT&T Inc.’s 5.35% global notes due 2066 were seen improving at the start of the session.
The notes (NYSE: TBB) were up 2 cents to $22.57 with about 52,000 notes trading.
In the shipping space, GasLog Partners LP’s 8.625% series A cumulative fixed-to-floating rate preference units were also moving higher.
The preferreds (NYSE: GLOPPrA) rose 11 cents to $25.41 on volume of about 45,000 shares.
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