Morning Commentary: Goldman Sachs preferreds drop; AmTrust lower; Qwest notes decline

By James McCandless

San Antonio, Dec. 24 – Early Christmas Eve trading in the preferred space saw lower volume as the Wells Fargo Hybrid & Preferred Securities Financial index opened down 0.72%.

Leading the light trading volume was Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds, which were lower with the broader market.

The preferreds (NYSE: GSPrD) started down 28 cents to $16.70 with about 134,000 shares trading.

Elsewhere in finance, Deutsche Bank Contingent Capital Trust V’s 8.05% Trust Preferred Securities were rising to start the day.

The preferreds (NYSE: DKT) were up 2 cents to $25.12 on volume of about 115,000 shares.

Meanwhile, in the insurance space, AmTrust Financial Services, Inc.’s 6.95% series F and 7.75% series E non-cumulative preferreds were both lower in early Monday trading.

The series F preferreds (NYSE: AFSIPrF) were down 45 cents to $11.75 on volume of about 71,000 shares.

The series E preferreds (NYSE: AFSIPrE) were off by 35 cents to $12.46 on volume of about 51,000 shares.

MetLife, Inc.’s series A floating rate non-cumulative preferred stock also opened lower.

The preferreds (NYSE: METPrA) dipped 2 cents to $20.60 with about 58,000 shares trading.

Telecom name Qwest Corp.’s 6.5% notes due 2056 were also headed lower.

The notes (NYSE: CTBB) started off down by 17 cents to $17.35 on volume of about 41,000 notes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.