Morning Commentary: Citigroup preferreds pick up steam; AT&T, New York Mortgage better

By James McCandless

San Antonio, March 13 – As the week headed for the close, the preferred space saw a respite from the previous day’s significant drops as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 1.31%.

Leading the early secondary activity, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were picking up steam.

The preferreds (NYSE: CPrN) were up 18 cents to $25.72 on volume of about 400,000 shares.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also improving.

The preferreds (NYSE: ALLYPrA) were picking up 30 cents to $22.82 with about 145,000 shares trading.

Sector peer Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities opened on the positive side.

The preferreds (NYSE: DXB) were adding 1 cent to $24.97 on volume of about 112,000 shares.

Telecom name AT&T, Inc.’s 5% series A cumulative perpetual preferred stock was jumping upward.

The preferreds (NYSE: TPrA) were shooting up 74 cents to $23.38 with about 78,000 shares trading.

Meanwhile, real estate investment trust New York Mortgage Trust, Inc.’s 7.875% series E fixed-to-floating rate cumulative redeemable preferreds was making up for the week’s losses.

The preferreds (Nasdaq: NYMTM) were rising $1.62 to $17.51 on volume of about 65,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.