Goldman Sachs preferreds drop; AT&T’s $25-par notes decline; Energy Transfer lower

By James McCandless

San Antonio, Dec. 20 – The preferred space ended Thursday lower following the broader equity markets.

Leading trading volume, Goldman Sachs Group, Inc.’s series D and series A floating-rate non-cumulative preferred stocks dropped.

Elsewhere in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferreds joined the negative trend.

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

Telecom giant AT&T, Inc.’s 5.35% global notes due 2066 declined.

In oil and gas, Energy Transfer Partners LP’s 7.375% series C fixed-to-floating rate cumulative preferred units were lower.

Goldman Sachs drops

Goldman Sachs’ series D and series A floating-rate non-cumulative preferred stocks continued to drop.

The series D preferreds (NYSE: GSPrD) were down 20 cents to close at $17.26 on volume of about 636,000 shares.

On Wednesday, the preferreds edged down 1 cent.

The series A preferreds (NYSE: GSPrA) lost 27 cents to close at $17.19 on volume of about 323,000 shares.

Elsewhere in the finance space, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferreds were also in negative territory.

The preferreds (NYSE: ALLYPrA) fell 12 cents to close at $25.08 with about 458,000 shares trading.

Deutsche Bank’s 8.05% trust preferred securities saw more weakness amid negative headlines.

The preferreds (NYSE DKT) dropped 8 cents to close at $25.20 on volume of about 423,000 shares trading.

News broke Thursday morning that European Union regulators had charged it and other banks with participating in an alleged bond price manipulation scheme in the seven years leading up to 2015.

AT&T declines

Meanwhile, in telecom, AT&T’s 5.35% global notes due 2066 declined.

The notes (NYSE: TBB) were down 3 cents to close at $22.15 with about 342,000 notes trading.

Energy Transfer lower

Elsewhere, oil and gas name Energy Transfer’s 7.375% series C fixed-to-floating rate cumulative preferred units ended the session lower.

The preferreds (NYSE: ETPPrC) saw a 65 cent drop to close at $21.03 on volume of about 261,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.37% at the close, increasing a 0.22% loss at the start of the session.

The iShares US Preferred Stock ETF was down 20 cents to $33.76.

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