Morning Commentary: NiSource’s new preferreds lower; Deutsche Bank, MetLife weaken

By James McCandless

San Antonio, Dec. 6 – The preferred space saw a broad decline in secondary trading on Thursday following the market closure a day earlier. The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.45%.

Leading early trading volume, NiSource Inc.’s recent $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock was lower.

The preferreds, trading under the temporary symbol “NISOP,” were down 9 cents to $24.75 on volume of about 122,000 shares.

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

The preferreds (NYSE: DKT) were trading down 17 cents to $24.72 with about 103,000 shares trading.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds joined the negative trend.

The preferreds (NYSE: JPMPrD) were off 10 cents to $24.42 on volume of about 87,000 shares.

Goldman Sachs Group, Inc.’s series D and series A floating-rate non-cumulative preferred stock was negative at the start of the session.

The series D preferreds (NYSE: GSPrD) were down 14 cents to $18.35 with about 78,000 shares trading.

The series A preferreds (NYSE: GSPrA) were off by 25 cents to $18.25 with about 50,000 shares trading.

In the insurance sector, the negativity spread to MetLife, Inc.’s 5.625% series E non-cumulative preferreds.

The preferreds (NYSE: METPrE) fell 17 cents to $23.96 on volume of about 53,000 shares.

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