Deutsche Bank preferreds sink; Athene weaker; Public Storage trades higher

By James McCandless

San Antonio, July 8 – The preferred space was mixed across the board at the beginning of a new week.

At the top of 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 sunk.

Meanwhile, retirement name Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were also down.

REIT Public Storage’s 4.95% series D cumulative preferred stock spent the session moving higher.

Sector peer Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock improved.

Elsewhere, shipping name Triton International Ltd.’s 8% series B cumulative redeemable perpetual preference shares rose.

Deutsche Bank slides

At the top of Monday’s preferred activity, Deutsche Bank’s 8.05% and 6.55% trust preferred securities were both sinking.

The 8.05% preferreds (NYSE: DKT) were down 44 cents to close at $25.21 on volume of about 711,000 shares.

The 6.55% preferreds (NYSE: DXB) declined by 40 cents to close at $24.76 on volume of about 415,000 shares.

The company announced this past weekend that it would be shutting down its equity trading segment and cutting 18,000 jobs in its investment banking division.

Athene down

Meanwhile, retirement company Athene’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares also finished the day negative.

The preferreds (NYSE: ATHPrA) slipped 1 cent to close at $26.47 with about 599,000 shares trading.

Public Storage higher

Real estate investment trust Public Storage’s 4.95% series D cumulative preferred stock was moving higher by the end of the session.

The preferreds (NYSE: PSAPrD) picked up 6 cents to close at $24.83 on volume of about 583,000 shares.

Sector peer Annaly Capital’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock was seen improving.

The preferreds (NYSE: NLYPrI) added 2 cents to close at $25.10 with about 338,000 shares trading.

On Friday, the preferreds gained 1 cent.

Triton rises

Elsewhere, in the shipping space, Triton’s 8% series B cumulative redeemable perpetual preference shares rose.

The preferreds (NYSE: TRTNPrB) were up 8 cents to close at $25.62 on volume of about 270,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.02% at the close, rising up from a 0.03% decline in early Monday trading.

The iShares US Preferred Stock ETF was down 8 cents to $36.77.

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