Morning Commentary: Deutsche Bank improves; PS Business Parks rises; Legg Mason lower

By James McCandless

San Antonio, June 4 – The preferred space opened Tuesday with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.10%.

Leading early trading activity, 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 were on the rise.

The 8.05% preferreds (NYSE: DKT) were up 2 cents to $25.37 on volume of about 112,000 shares.

The 6.55% preferreds (NYSE: DXB) were up 5 cents to $24.19 on volume of about 33,000 shares.

Elsewhere in the finance space, U.S. Bancorp’s 6.5% series F fixed-to-floating rate non-cumulative perpetual preferreds were also improving.

The preferreds (NYSE: USBPrM) added 2 cents to $26.94 with about 32,000 shares trading.

Sector peer KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferred stock was active but flat.

The preferreds (NYSE: KEYPrK) were trading at $25.44 on volume of about 25,000 shares.

Meanwhile, real estate investment trust PS Business Parks, Inc.’s 5.25% series X cumulative preferred stock started the session slightly better.

The preferreds (NYSE: PSBPrX) were higher by 2 cents to $24.85 with about 35,000 shares trading.

Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 were under pressure early.

The notes (NYSE: LMHB) were down 9 cents to $24.86 on volume of about 28,000 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.