Morning Commentary: Ally Financial preferreds gain; AGNC improves; Energy Transfer rises

By James McCandless

San Antonio, May 15 – As the preferred market headed toward the end of the week, the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.03%.

Leading Friday early trading, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were gaining ground.

The preferreds (NYSE: ALLYPrA) were up 15 cents to $21.31 on volume of about 27,000 shares.

Elsewhere in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were under pressure.

The preferreds (NYSE: CPrN) were losing 5 cents to $26.83 with about 25,000 shares trading.

Sector peer Synchrony Financial’s 5.625% series A non-cumulative perpetual preferreds started the session relatively active but unchanged so far.

The preferreds (NYSE: SYFPrA) were holding level at $18.68 on volume of about 23,000 shares.

Real estate investment trust AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was improving.

The preferreds (Nasdaq: AGNCP) were adding 14 cents to $20.59 with about 24,000 shares trading.

Meanwhile, in oil and gas, Energy Transfer Operating, LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units were pushing higher.

The preferreds (NYSE: ETPPrC) were rising 24 cents to $19.65 on volume of about 22,000 shares.

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