Annaly Capital trades under par; Deutsche Bank preferreds higher; Energy Transfer slips

By James McCandless

San Antonio, June 21 – The preferred space closed out the week lower as top traders finished mixed.

Leading the way, Annaly Capital Management, Inc.’s new $400 million 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock ended under par.

Meanwhile, in finance, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities moved higher late in the day.

Sector peer JPMorgan Chase & Co.’s 6.3% series W non-cumulative preferred stock was also positive.

Citigroup, Inc.’s 7.125% series J fixed-to-floating rate non-cumulative preferreds saw a decline.

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

Annaly under par

Leading the way in the day’s volume, Annaly Capital’s new $400 million 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock ended its first day of trading under par.

The preferreds, trading under the temporary symbol “ACAXP,” were spotted closing at $24.73 on volume of about 10 million shares.

The deal priced on Thursday.

Deutsche Bank higher

Meanwhile, in the finance space, Deutsche Bank’s 6.55% trust preferred securities were higher, seeing a boost late in the session.

The preferreds (NYSE: DXB) added 20 cents to close at $25.26 with about 313,000 shares trading.

Sector peer JPMorgan’s 6.3% series W non-cumulative preferred stock was also positive at the Friday close.

The preferreds (NYSE: JPMPrE) picked up 7 cents to close at $25.99 on volume of about 261,000 shares.

Citigroup’s 7.125% series J fixed-to-floating rate non-cumulative preferreds declined throughout the day.

The preferreds (NYSE: CPrJ) were down 13 cents to close at $27.69 with about 261,000 shares trading.

Energy Transfer slips

Elsewhere, oil and gas name Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units slipped.

The preferreds (NYSE: ETPPrE) fell by 1 cent to close at $25.00 on volume of about 251,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.16% to wrap up the week, reversing a 0.11% rise from early Friday trading.

The iShares US Preferred Stock ETF was down 13 cents to $36.96.

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