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Morning Commentary: Deutsche Bank mixed; AT&T $25-par notes improve; Maiden tanks
By James McCandless
San Antonio, Jan. 4 – Toward the end of a short week, the preferred space was largely positive with the Wells Fargo Hybrid & Preferred Securities Financial index starting up 0.64%.
Leading trading activity early in the session was Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities and Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities, trading in different directions at the open.
The 8.05% preferreds (NYSE: DKT) edged down 1 cent to $25.05 on volume of about 78,000 shares.
The 6.55% preferreds (NYSE: DXB) were up 4 cents to $23.96 on volume of about 53,000 shares.
News broke Friday morning that internal audits point to the bank’s alleged participation in a tax trading scheme that allowed clients to claim €5.6 billion in tax rebates that the German government says should not have been paid out.
Elsewhere in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferreds were gaining.
The preferreds (NYSE: CPrN) rose 2 cents to $26.67 with about 53,000 shares trading.
JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds rode the positive wave.
The preferreds (NYSE: JPMPrD) saw an early rise of 4 cents to $25.05 on volume of about 41,000 shares.
In the telecom space, AT&T Inc.’s 5.35% global notes due 2066 saw an improvement at Friday’s open.
The notes (NYSE: TBB) were up 17 cents to $22.95 with about 32,000 notes trading.
Insurance provider Maiden Holdings North America Ltd.’s 7.75% notes due 2043 were a dark spot in the session.
The notes (NYSE: MHNC) dropped $2.65 to $20.85 on volume of about 32,000 notes.
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