Morning Commentary: AT&T’s $25-par notes improve; Deutsche Bank, Energy Transfer gain

By James McCandless

San Antonio, Dec. 12 – The preferred space kicked off Wednesday with the Wells Fargo Hybrid & Preferred Securities Financial index rising 0.19%.

Leading secondary activity, AT&T, Inc.’s 5.35% global notes due 2066 were improving at the start of the session.

The notes (NYSE: TBB) were up 3 cents to $22.69 on volume of about 98,000 notes.

The company is awaiting an appeals court decision on its case against the Department of Justice over its potential acquisition of Time Warner.

Elsewhere, in finance, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were gaining.

The preferreds (NYSE: DKT) picked up 18 cents to $25.06 with about 94,000 shares trading.

In other trading, TCF Financial Corp.’s 5.7% series D non-cumulative perpetual preferred stock was seen declining early Wednesday.

The preferreds (NYSE: TCFPrD) were down 16 cents to $22.44 on volume of about 83,000 shares.

Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds were improving.

The preferreds (NYSE: GSPrD) were seen gaining 26 cents to $18.60 with about 73,000 shares trading.

In oil and gas, Energy Transfer Partners LP’s 7.625% series D fixed-to-floating rate cumulative preferred units followed the positive trend.

The preferreds (NYSE: ETPPrD) were up 19 cents to $22.99 on volume of about 59,000 shares.

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