Morning Commentary: New Residential dips; Deutsche Bank lower; Southern Co. declines

By James McCandless

San Antonio, Aug. 26 – The preferred space started a new week broadly positive with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.10%, though top traders were lagging.

Leading this morning, real estate investment trust New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds were negative early.

The preferreds (NYSE: NRZPrB) were down 1 cent to $25.93 on volume of about 51,000 shares.

Meanwhile, in the finance space, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were also under water as the session started.

The preferreds (NYSE: DKT) were losing 5 cents to $25.68 with about 29,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were in decline.

The preferreds (NYSE: JPMPrC) were giving back 7 cents to $28.01 on volume of about 21,000 shares.

In utilities, Southern Co.’s 5.25% series 2016A junior subordinated notes due 2076 followed volume leaders downward.

The notes (NYSE: SOJB) were off 9 cents to $26.38 with about 27,000 shares trading.

Real estate developer Brookfield Property Partners LP’s 6.375% series 2 cumulative redeemable perpetual preferred units were improving.

The preferreds (Nasdaq: BPYPO) were gaining 6 cents to $25.29 on volume of about 25,000 shares.

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