Morning Commentary: Brookfield preferreds better; AIG starts week positive; AGNC rises

By James McCandless

San Antonio, March 18 – The new week in preferred trading kicked off by continuing a positive trend as the Wells Fargo Hybrid & Preferred Securities Financial index started up 0.13%.

Leading early trading, real estate developer Brookfield Property Partners LP’s new 6.5% series I class A cumulative redeemable perpetual preferred units were faring better at the open.

The preferreds, trading under the temporary symbol “BRKPF,” started 4 cents higher to $24.84 with about 136,000 shares trading.

Meanwhile, American International Group, Inc.’s recent 5.85% series A non-cumulative perpetual preferreds were gaining.

The preferreds (NYSE: AIGPrA) were up 5 cents to $25.33 on volume of about 124,000 shares.

Real estate investment trust AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds followed the morning’s trend.

The preferreds (Nasdaq: AGNCM) were up 11 cents to $25.04 on volume of about 70,000 shares.

Elsewhere, in finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock bucked the prevailing trend, declining early.

The preferreds (NYSE: JPMPrD) were down 3 cents to $26.38 on volume of about 66,000 shares trading.

Sector peer Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were pushing upward.

The preferreds (NYSE: CPrN) added 7 cents to $26.85 with about 53,000 shares trading.

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