Energy Transfer preferreds weaken; Spire declines; Deutsche Bank preferreds improve

By James McCandless

San Antonio, May 30 – Despite the broader preferred market’s rise throughout the Thursday session, volume leaders were mixed again.

Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units ended weaker, leading trading.

Elsewhere, in utilities, Spire Inc.’s 5.9% series A cumulative redeemable perpetual preferreds also declined.

Meanwhile, in finance, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities improved.

Sector peer KeyCorp’s 5.625% fixed-rate perpetual non-cumulative preferreds finished slightly under water.

Insurance provider American International Group, Inc.’s 5.85% series A non-cumulative perpetual preferred stock gained.

Energy Transfer down

In the oil and gas space, Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units led trading for a second day as it finished weaker.

The preferreds (NYSE: ETPPrE) were down 2 cents to close at $24.64 on volume of about 1 million shares.

On Wednesday, the preferreds lost 10 cents.

Spire declines

Elsewhere, in utilities, Spire’s 5.9% series A cumulative redeemable perpetual preferreds were also in decline.

The preferreds (NYSE: SRPrA) declined 3 cents to close at $25.90 with about 382,000 shares trading.

On Wednesday, the preferreds fell 3 cents.

Deutsche Bank better

Meanwhile, in the finance space, Deutsche Bank’s 6.55% trust preferred securities saw an improvement by the close.

The preferreds (NYSE: DXB) gained 5 cents to close at $24.56 on volume of about 228,000 shares.

Sector peer KeyCorp’s 5.625% fixed-rate perpetual non-cumulative preferreds finished slightly lower.

The preferreds (NYSE: KEYPrK) slipped 2 cents to close at $25.31 with about 222,000 shares trading.

AIG gains

Insurance provider AIG’s 5.85% series A non-cumulative perpetual preferred stock gained throughout the day.

The preferreds (NYSE: AIGPrA) added 25 cents to close at $26.33 on volume of about 207,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.20% at the close, bolstering a 0.18% rise from early Thursday trading.

The iShares US Preferred Stock ETF was up 5 cents to $36.65.

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