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Morning Commentary: Deutsche Bank falls again; Ashford gains; Qwest’s $25-par notes lose
By James McCandless
San Antonio, July 9 – Tuesday opened on a negative note for the preferred market as the Wells Fargo Hybrid & Preferred Securities Financial index began lower by 0.05%.
Garnering the most attention for a second day, 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 continued to fall.
The 8.05% preferreds (NYSE: DKT) were down 21 cents to $25.00 on volume of about 256,000 shares.
The 6.55% preferreds (NYSE: DXB) were declining by 33 cents to $24.43 on volume of about 137,000 shares.
The preferreds started a negative push on Monday after the company announced turnaround efforts that included closing its equities trading division, slashing 18,000 jobs from its investment banking arm and halting its dividend for the foreseeable future.
Elsewhere in the finance space, Goldman Sachs Group, Inc.’s series A and series D floating-rate non-cumulative preferreds were both improving, going against the morning’s trend.
The series A preferreds (NYSE: GSPrA) were better by 10 cents to $19.90 with about 34,000 shares trading.
The series D preferreds (NYSE: GSPrD) were gaining 3 cents to $20.65 with about 29,000 shares trading.
Meanwhile, real estate investment trust Ashford Hospitality Trust, Inc.’s 7.375% series G cumulative preferred stock was also higher as the session started.
The preferreds (NYSE: AHTPrG) were up 5 cents to $20.00 on volume of about 75,000 shares.
Sector peer Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock saw negative movement.
The preferreds (NYSE: NLYPrI) were down 3 cents to $25.07 with about 69,000 shares trading.
In communications, Qwest Corp.’s 6.5% notes due 2056 were trailing early Tuesday.
The notes (NYSE: CTBB) were off by 2 cents to $23.41 on volume of about 45,000 notes.
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