Morning Commentary: Deutsche Bank preferreds dip; Qwest $25-par notes down; AT&T lower

By James McCandless

San Antonio, April 1 – The preferred market started the middle of the week with a decline, spurred by the U.S. federal government’s projections on the human toll of the coronavirus pandemic, as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 2.36%.

Leading early trading volume, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were weakening.

The preferreds (NYSE: DXB) were down 6 cents to $24.81 on volume of about 150,000 shares.

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

The preferreds (NYSE: ALLYPrA) were declining by $1.44 to $19.07 with about 100,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also sinking.

The preferreds (NYSE: JPMPrD) were losing 43 cents to $24.92 on volume of about 83,000 shares.

Meanwhile, in communications, Qwest Corp.’s 6.5% notes due 2056 were following the early Wednesday trend.

The notes (NYSE: CTBB) were dropping 59 cents to $20.30 with about 87,000 notes trading.

Telecom giant AT&T, Inc.’s 5.35% global notes due 2066 were losing ground.

The notes (NYSE: TBB) were shaving off 19 cents to $24.81 on volume of about 64,000 notes.

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