Morning Commentary: Citigroup Capital trails; AT&T $25-par notes dip; MTBC craters

By James McCandless

San Antonio, March 12 – Renewed coronavirus worries led to a preferred market in freefall on Thursday morning with the Wells Fargo Hybrid & Preferred Securities Financial index down by 4.70%.

At the top of the secondary slide, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were trailing.

The preferreds (NYSE: CPrN) were losing $1.28 to $25.71 on volume of about 200,000 shares.

Elsewhere in the finance space, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were declining.

The preferreds (NYSE: DXB) were down 49 cents to $24.65 with about 182,000 shares trading.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the negative trend.

The preferreds (NYSE: ALLYPrA) were diving $1.33 to $23.42 on volume of about 133,000 shares.

Meanwhile, telecom company AT&T, Inc.’s 5.35% global notes due 2066 were losing ground as the day started.

The notes (NYSE: TBB) were shedding 61 cents to $25.13 with about 99,000 notes trading.

Health care information services provider MTBC, Inc.’s 11% series A cumulative redeemable perpetual preferred stock was cratering.

The preferreds (Nasdaq: MTBCP) were falling $3.70 to $22.39 on volume of about 52,000 shares.

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