Morning Commentary: Spire above par; AXIS Capital preferreds drop; Deutsche Bank gains

By James McCandless

San Antonio, May 15 – The preferred space saw another mixed open as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 0.06%.

Leading trading volume at the beginning of the session, Spire Inc.’s new $200 million 5.9% series A cumulative redeemable perpetual preferred stock was rising on its first trading day.

The preferreds, trading under the temporary symbol “SIPRY,” were seen above par at $25.64 on volume of about 141,000 shares.

The deal priced on Tuesday.

Elsewhere, insurance provider AXIS Capital Holdings Ltd.’s 5.5% series E non-cumulative preferred stock was lower.

The preferreds (NYSE: AXSPrE) were down 10 cents to $24.37 with about 44,000 shares trading.

Meanwhile, in the finance space, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were moving higher.

The preferreds (NYSE: DKT) picked up 3 cents to $25.84 on volume of about 36,000 shares.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were being pushed under.

The preferreds (NYSE: ALLYPrA) were off by 1 cent to $25.89 with about 36,000 shares trading.

Goldman Sachs Group, Inc.’s floating-rate non-cumulative preferred stock was edging higher.

The preferreds (NYSE: GSPrD) were adding 1 cent to $19.69 on volume of about 32,000 shares.

© 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.