Morning Commentary: Athene preferreds decline; AGNC lower; Energy Transfer weakens

By James McCandless

San Antonio, Oct. 7 – The preferred space started the week under pressure with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.23%.

Leading early trading, retirement services name Athene Holding Ltd.’s 5.625% series B fixed-rate perpetual non-cumulative preference shares were lower.

The preferreds (NYSE: ATHPrB) were down 2 cents to $25.81 on volume of about 129,000 shares.

Meanwhile, real estate investment trust AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds were also negative at the open.

The preferreds (Nasdaq: AGNCO) were off by 1 cent to $25.10 with about 121,000 shares trading.

In oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units followed the early trend.

The preferreds (NYSE: ETPPrE) were down 1 cent to $25.28 on volume of about 105,000 shares.

Elsewhere, the finance space saw Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds get pushed lower.

The preferreds (NYSE: COFPrI) were dipping 3 cents to $24.90 with about 57,000 shares trading.

Real estate developer Brookfield Property Partners LP’s 6.5% series 1 class A cumulative redeemable perpetual preferred units were relatively active but unmoved.

The preferreds (Nasdaq: BPYPP) were level at $26.06 on volume of about 50,000 shares.

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