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Morning Commentary: Goldman Sachs improves; AT&T’s $25-par notes rise; Legg Mason gains
By James McCandless
San Antonio, Jan. 2 – The new year in preferred trading kicked off with modest volume and mixed results as the Wells Fargo Hybrid & Preferred Securities Financial index started lower by 0.23%.
Leading early trading volume was Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds, which improved at the open.
The preferreds (NYSE: GSPrD) were up 15 cents to $17.65 on volume of about 90,000 shares.
Elsewhere in finance, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities and Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were seen falling early Wednesday.
The 8.05% preferreds (NYSE: DKT) were down 3 cents to $24.99 with about 53,000 shares trading.
The 6.55% preferreds (NYSE: DXB) started lower by 5 cents to $24.10 with about 33,000 shares trading.
The bank’s chairman said in an interview with media outlets Wednesday that the company’s capital base is strong, ruling out the need for government assistance or a merger with a competing bank.
JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were also falling.
The preferreds (NYSE: JPMPrD) were down 13 cents to $24.90 on volume of about 33,000 shares.
Meanwhile, in the telecom space, AT&T Inc.’s 5.35% global notes due 2066 were rising at the start of trading.
The notes (NYSE: TBB) were up 8 cents to $22.34 with about 32,000 notes trading.
Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 saw early gains on Wednesday.
The notes (NYSE: LMHB) started higher by 11 cents to $20.51 on volume of about 23,000 notes.
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