Morning Commentary: Deutsche Bank lower; Brighthouse, Energy Transfer preferreds down

By James McCandless

San Antonio, June 3 – Preferred market leaders were mixed as the broader market was rising early Monday. The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.15%.

Leading the morning’s trading, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities moved downward.

The preferreds (NYSE: DKT) fell 16 cents to $25.39 on volume of about 167,000 shares.

Elsewhere in the finance space, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were seen improving.

The preferreds (NYSE: WFCPrQ) gained 6 cents to $25.68 with about 39,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock began the session with a positive trend.

The preferreds (NYSE: JPMPrD) rose 5 cents to $26.38 on volume of about 38,000 shares.

Meanwhile, insurance provider Brighthouse Financial, Inc.’s 6.6% series A non-cumulative perpetual preferred stock opened lower.

The preferreds (Nasdaq: BHFAP) were down 3 cents to $26.75 with about 154,000 shares trading.

Elsewhere, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were under pressure.

The preferreds (NYSE: ETPPrE) were down 16 cents to $24.50 on volume of about 40,000 shares.

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