Goldman Sachs preferreds weaken; Qwest $25-par notes improve; Energy Transfer declines

By James McCandless

San Antonio, Dec. 24 – A skittish mood in the market led to declines in Christmas Eve preferred trading.

Falling again, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock led the session.

Elsewhere in finance, Capital One Financial Corp.’s 6% series B non-cumulative perpetual preferreds also saw a drop.

Deutsche Bank Contingent Capital Trust V’s 8.05% Trust Preferred Securities were gaining.

In communications, Qwest Corp.’s 6.5% $25-par notes due 2056 were also improving.

Oil and gas name Energy Transfer Partners, LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units declined.

Goldman Sachs heads lower

In its fourth day as a trading-volume leader, Goldman Sachs’ series D floating-rate non-cumulative preferred stock declined.

The preferreds (NYSE: GSPrD) were down 17 cents to close at $16.81 on volume of about 446,000 shares.

On Friday, the preferreds lost 28 cents.

Elsewhere in the finance space, Capital One’s 6% series B non-cumulative perpetual preferreds were also dropping.

The preferreds (NYSE: COFPrP) declined by 32 cents to close at $23.52 with about 211,000 shares trading.

Going against the prevailing trend, Deutsche Bank’s 8.05% Trust Preferred Securities saw a slight gain on Monday.

The preferreds (NYSE: DKT) rose 2 cents to close at $25.12 on volume of about 169,00 shares.

Qwest improves

Integrated communications name Qwest’s 6.5% notes due 2056 also saw a boost.

The notes (NYSE: CTBB) were up 15 cents to $17.67 with about 153,000 notes trading.

Energy Transfer lower

Meanwhile, Energy Transfer’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units were declining.

The preferreds (NYSE: ETPPrC) lost 43 cents to close at $21.15 on volume of about 145,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.52% at the end of the session, improving slightly from a 0.72% drop in early Monday trading.

The iShares US Preferred Stock ETF was down 21 cents to $33.41.

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