Morning Commentary: Energy Transfer preferreds decline; Deutsche Bank weaker; Spire up

By James McCandless

San Antonio, May 29 – Top traders in the preferred space opened on a negative note as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.01%.

At the top of early activity, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were declining.

The preferreds (NYSE: ETPPrE) were down 9 cents to $24.67 on volume of about 163,000 shares.

Meanwhile, in finance, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were also lower at the open.

The preferreds (NYSE: DXB) were down 9 cents to $24.59 with about 72,000 shares trading.

Sector peer U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferreds followed the downward trend.

The preferreds (NYSE: USBPrH) dropped 4 cents to $19.42 on volume of about 35,000 shares.

Elsewhere, in utilities, Spire Inc.’s 5.9% series A cumulative redeemable perpetual preferred stock started Wednesday slightly better.

The preferreds (NYSE: SRPrA) were up 1 cent to $25.97 with about 70,000 shares trading.

Southern Co., another utility, saw its 6.25% series 2015A junior subordinated notes due 2075 push lower.

The notes (NYSE: SOJA) fell 5 cents to $26.06 on volume of about 42,000 notes.

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