Morning Commentary: AT&T preferreds rise; Annaly Capital positive; Deutsche Bank better

By James McCandless

San Antonio, March 20 – The preferred market began a second day of positivity with the Wells Fargo Hybrid & Preferred Securities Financial index up by 3.23%.

Leading the secondary rise early on, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were pushing upward.

The preferreds (NYSE: DXB) were up $1.26 to $23.80 on volume of about 141,000 shares.

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

The preferreds (NYSE: ALLYPrA) were gaining $1.19 to $17.69 with about 129,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 4.75% series EE non-cumulative preferred stock was following the morning trend.

The preferreds (NYSE: JPMPrC) were improving by 30 cents to $24.85 on volume of about 112,000 shares.

Telecom services company AT&T Inc.’s 4.75% series C perpetual preferred stock and its 5% series A cumulative perpetual preferred stock were both rising.

The series C preferreds (NYSE: TPrC) were tacking on 89 cents to $18.78 with about 107,000 shares trading.

The series A preferreds (NYSE: TPrA) were picking up 17 cents to $20.40 with about 96,000 shares trading.

Meanwhile, asset manager Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds opened on the positive side.

The preferreds (NYSE: NLYPrF) were inching up 1 cent to $17.01 on volume of about 75,000 shares.

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