Morning Commentary: DCP Midstream, Digital Realty lower; JPMorgan preferreds improve

By James McCandless

San Antonio, Dec. 19 – The preferred market opened mostly higher with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.10%.

Leading early trading, DCP Midstream LP’s 7.875% series B fixed-to-floating rate cumulative redeemable perpetual preferred units were lower at the start of the session.

The preferreds (NYSE: DCPPrB) were down 3 cents to $21.95 on volume of about 161,000 shares.

Meanwhile, in the finance space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were gaining.

The preferreds (NYSE: JPMPrD) picked up 2 cents to $24.52 with about 123,000 shares trading.

Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were improving.

The preferreds (NYSE: DKT) gained 29 cents early Wednesday to $25.41 with about 94,000 shares trading.

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

The preferreds (NYSE: GSPrD) picked up 9 cents to $17.56 on volume of about 89,000 shares.

The preferreds were rising despite news early Wednesday that another former employee has been charged by the Malaysian government in connection to a money-laundering probe.

Real estate investment trust Digital Realty Trust, Inc.’s 5.25% series J cumulative redeemable preferreds were negative.

The preferreds (NYSE: DLRPrJ) lost 2 cents to $20.49 on volume of about 53,000 shares.

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