Morning Commentary: Regions Financial improves; AT&T’s $25-par notes dip; MetLife up

By James McCandless

San Antonio, Dec. 21 – The preferred market saw mixed activity at the beginning of the Friday session as the Wells Fargo Hybrid & Preferred Securities Financial index started down 0.23%.

Leading early trading volume, Regions Financial Corp.’s 6.375% series A non-cumulative perpetual preferreds were rising.

The preferreds (NYSE: RFPrA) were up 10 cents to $24.83 on volume of about 95,000 shares.

After the close on Thursday, Moody’s Investors Service affirmed the bank’s ratings and changed its outlook to positive from stable.

Meanwhile, Deutsche Bank Contingent Capital Trust II’s 6.55% Trust Preferred Securities were also improving.

The preferreds (NYSE: DXB) started up by 24 cents to $24.05 with about 83,000 shares trading.

Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds were declining.

The preferreds (NYSE: GSPrD) were down 19 cents to $17.07 on volume of about 45,000 shares.

After Goldman Sachs employees were accused of laundering money from a development fund in Malaysia, the Malaysian government is seeking $7.5 billion in reparations from the company as the investigation expands.

Elsewhere, in telecom, AT&T, Inc.’s 5.35% global notes due 2066 started the day lower.

The notes (NYSE: TBB) were off 1 cent to $22.14 with about 59,000 notes trading.

Insurance provider MetLife, Inc.’s series A floating-rate non-cumulative preferred stock was shooting higher at Friday’s start.

The preferreds (NYSE: METPrA) were gaining 41 cents to $20.97 on volume of about 54,000 shares.

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