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Morning Commentary: Deutsche Bank preferreds down; Spire weakens; Invesco declines
By James McCandless
San Antonio, May 23 – The preferred space opened lower on Thursday with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.10%.
Leading early trading, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities led the downward trend.
The preferreds (NYSE: DXB) were down 14 cents to $24.86 on volume of about 82,000 shares.
As the company’s annual meeting begins on Thursday, chief executive officer Christian Sewing pledged to make cuts to its investment bank division as it tries to execute a turnaround.
Elsewhere in finance, JPMorgan Chase & Co.’s 6.125% series Y and 5.75% series DD non-cumulative preferred stock opened the day mixed.
The series Y preferreds (NYSE: JPMPrF) were up 1 cent to $25.65 with about 35,000 shares trading.
The series DD preferreds (NYSE: JPMPrD) were off by 6 cents to $26.32 with about 35,000 shares trading.
Meanwhile, in utilities, Spire Inc.’s 5.9% series A cumulative redeemable perpetual preferreds were also in decline.
The preferreds (NYSE: SRPrA) were off by 3 cents to $25.80 on volume of about 58,000 shares.
Real estate investment trust Invesco Mortgage Capital Inc.’s 7.5% series C fixed-to-floating rate cumulative redeemable preferred stock followed the morning’s trend.
The preferreds (NYSE: IVRPrC) fell 10 cents to $25.85 with about 44,000 shares trading.
In oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units edged lower.
The preferreds (NYSE: ETPPrE) were down 1 cent to $24.84 on volume of about 30,000 shares.
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