KeyCorp perpetual preferreds jump; Energy Transfer better; Farmer Mac sees improvement

By James McCandless

San Antonio, May 28 – On the first day of a short week, the preferred market was mixed throughout the day.

Top trader KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds jumped higher.

Sector peer Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities ended the day on the negative side.

In oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units closed better.

Rural lender Federal Agricultural Mortgage Corp.’s 5.7% series D non-cumulative preferreds saw a boost.

Elsewhere, online retailer eBay, Inc.’s 6% notes due 2056 took a dive.

KeyCorp higher

At the top of preferred trading, KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds jumped higher by the close.

The preferreds (NYSE: KEYPrK) were up 15 cents to close at $25.30 on volume of about 238,000 shares.

Sector peer Deutsche Bank’s 6.55% trust preferred securities ended the session on the negative side.

The preferreds (NYSE: DXB) lost 2 cents to close at $24.68 with about 196,000 shares trading.

On Friday, the preferreds fell 12 cents.

Energy Transfer better

Meanwhile, in the oil and gas space, Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units fared better.

The preferreds (NYSE: ETPPrE) gained 1 cent to close at $24.76 on volume of about 217,000 shares.

Farmer Mac rises

Rural lender Farmer Mac’s 5.7% series D non-cumulative preferreds saw a boost throughout the session.

The preferreds (NYSE: AGMPrD) rose 33 cents to close at $25.45 with about 177,000 shares trading.

eBay dives

Elsewhere, ecommerce name eBay’s 6% notes due 2056 went on a sustained negative path in Tuesday activity.

The notes (Nasdaq: EBAYL) dropped 29 cents to close at $26.10 on volume of about 169,000 notes.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.08% at the end of the day, hovering around the 0.10% gain from early Tuesday trading.

The iShares US Preferred Stock ETF was down 4 cents to $36.57.

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