Morning Commentary: Allstate preferreds weaken; AT&T $25-pars down; Deutsche Bank off

By James McCandless

San Antonio, Aug. 14 – Wednesday’s open in the preferred space saw a decline with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.04%.

Leading early activity, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were under water.

The preferreds (NYSE: ALLPrH) were down 6 cents to $25.36 on volume of about 69,000 shares.

AT&T, Inc.’s 5.35% global notes due 2066 were experiencing a negative push early on.

The notes (NYSE: TBB) were declining by 5 cents to $26.53 with about 67,000 notes trading.

Meanwhile, in the finance space, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were also trailing at the start.

The preferreds (NYSE: DKT) were losing 7 cents to $25.45 on volume of about 61,000 shares.

Sector peer Merchants Bancorp Inc.’s new 6% series B fixed-to-floating rate non-cumulative perpetual preferred stock was sinking.

The preferreds, trading under the temporary symbol “MCSBL,” were falling 24 cents to $25.35 with about 55,000 shares trading.

Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds were following the negative trend.

The preferreds (NYSE: GSPrD) were off by 15 cents to $21.49 on volume of about 50,000 shares.

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