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Morning Commentary: New York Community Bancorp gains; Southern Co. notes improve
By James McCandless
San Antonio, May 30 – The preferred space was on an upward push early Thursday with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.18%.
Leading early trading volume, New York Community Bancorp, Inc.’s 6.375% series A fixed-to-floating rate non-cumulative perpetual preferred stock was gaining.
The preferreds (NYSE: NYCBPrA) were up 8 cents to $26.74 on volume of about 71,000 shares.
Elsewhere in the finance space, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were also positive.
The preferreds (NYSE: DXB) rose 3 cents to $24.54 with about 33,000 shares trading.
Sector peer U.S. Bancorp’s 6.5% series F fixed-to-floating rate non-cumulative perpetual preferreds followed the overarching trend.
The preferreds (NYSE: USBPrM) picked up 13 cents to $27.07 on volume of about 32,000 shares.
Meanwhile, in utilities, Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 were slightly negative.
The notes (NYSE: SOJA) were down 1 cent to $26.08 with about 38,000 notes trading.
Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 were improving as the session kicked off.
The notes (NYSE: LMHB) started up 9 cents to $24.76 on volume of about 18,000 notes.
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