Priority Income’s new issue seen under par; Deutsche bank slides; MetLife improves

By James McCandless

San Antonio, June 28 – Secondary trading in the preferred market saw increased volume with an overall positive bent.

Priority Income Fund, Inc.’s new $34 million term preferred stock due 2025 was seen trading below par.

Deutsche Bank AG’s 8.05% trust preferred securities led the secondary market as the company failed the latest round of Federal Reserve stress tests.

MetLife, Inc.’s $805 million of 5.625% series E non-cumulative preferred shares gained.

The preferreds (NYSE: METPrE) were up 16 cents to close at $25.46 with about 442,000 shares exchanged.

Energy Transfer Partners, LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units (NYSE: ETPPrC) rose 2 cents to $24.97.

In trading, Priority Income Fund’s new $34 million of $25-par series A term preferred stock due 2025 was seen trading below par on its first day in the market.

The preferreds, trading under the temporary ticker “PIFNP,” were spotted at $24.58 with about 45,000 shares trading.

The deal was priced on Wednesday.

Meanwhile, Deutsche Bank’s 8.05% trust preferred securities were on top of secondary trading. After the market close, reports confirmed that the company’s U.S. arm has failed the Federal Reserve’s most recent stress test, citing “widespread and critical deficiencies across the firm’s capital-planning practices.”

The preferreds (NYSE: DKT) were down 11 cents to close at $25.08 with about 522,000 shares trading.

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