Morning Commentary: Ally Financial sinks; AT&T dives; AGNC preferreds negative

By James McCandless

San Antonio, March 9 – The preferred market began the session with a steep decline, shown in a 2.82% dive in the Wells Fargo Hybrid & Preferred Securities Financial index amid compounded coronavirus and energy price concerns.

Leading the morning’s trading, financial services name Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were sinking.

The preferreds (NYSE: ALLYPrA) were down 68 cents to $24.92 on volume of about 173,000 shares trading.

Sector peer Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were also under water this morning.

The preferreds (NYSE: DXB) were declining by 60 cents to $24.70 with about 131,000 shares trading.

Telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock was following the rest of the market.

The preferreds (NYSE: TPrA) were sliding 52 cents to $24.24 on volume of about 112,000 shares.

Elsewhere in the communications space, Qwest Corp.’s 6.5% notes due 2056 were also being knocked down.

The preferreds (NYSE: CTBB) were losing 50 cents to $24.55 with about 93,000 shares trading.

Meanwhile, real estate investment trust AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds joined the early Monday trend.

The preferreds (Nasdaq: AGNCO) were shedding 23 cents to $24.87 on volume of about 93,000 shares.

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