Morning Commentary: Citigroup under pressure; AT&T $25-par notes trail; AGNC dives

By James McCandless

San Antonio, March 18 – Volatility continued to mark the preferred market, with a negative trend to start the midpoint of the week as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 3.39%.

Leading early secondary activity, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities and Citigroup, Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock were both under pressure.

The 7.875% preferreds (NYSE: CPrN) were down 55 cents to $24.58 on volume of about 199,000 shares.

The 6.875% series K preferreds (NYSE: CPrK) were dipping 64 cents to $23.47 on volume of about 106,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock were losing ground.

The preferreds (NYSE: JPMPrJ) were declining by $1.16 to $21.30 with about 101,000 shares trading.

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

The preferreds (NYSE: DXB) were losing 7 cents to $24.05 on volume of about 97,000 shares.

Telecom name AT&T, Inc.’s 5.35% global notes due 2066 were also trailing with the rest of the market.

The notes (NYSE: TBB) were sliding 21 cents to $23.29 with about 156,000 notes trading.

Real estate investment trust AGNC Investment Corp.’s 7% series C fixed-to-floating rate cumulative redeemable preferreds were taking a dive.

The preferreds (Nasdaq: AGNCN) were falling $2.24 to $15.60 on volume of about 125,000 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.