Southern California Edison moves up; Deutsche Bank negative again; Allstate weaker

By James McCandless

San Antonio, July 9 – Winding down the Tuesday session, the preferred market ended another day mixed.

Leading volume, Southern California Edison, a subsidiary of Edison International, saw its 5.375% fixed-to-floating rate cumulative trust preference securities moved up.

Meanwhile, in finance, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities and Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities continued to tumble.

Sector peer Synovus Financial Corp.’s 5.875% series E fixed rate resent non-cumulative perpetual preferreds trended negative.

Elsewhere, insurance name Allstate Corp.’s 6.625% series E fixed rate non-cumulative perpetual preferred stock fell.

Retirement company Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were on the rise.

SoCal Edison up

Leading Tuesday volume, Southern California Edison’s 5.375% fixed-to-floating rate cumulative trust preference securities moved upward.

The preferreds (NYSE: SCEPrJ) were up 24 cents to close at $24.24 on volume of about 1.4 million shares.

Deutsche Bank down

Meanwhile, in the finance space, Deutsche Bank’s 8.05% and 6.55% trust preferred securities continued the tumble that started on Monday.

The 8.05% preferreds (NYSE: DKT) shaved off 17 cents to close at $25.04 with about 814,000 shares trading.

On Monday, the preferreds fell 44 cents.

The 6.55% preferreds (NYSE: DXB) fell 36 cents to close at $24.40 with about 366,000 shares trading.

On Monday, the preferreds lost 40 cents.

The declines started on Monday after the company announced a multi-faceted plan to revamp its business, including ending its equities trading division and cutting 18,000 jobs from its investment banking segment.

Sector peer Synovus’ 5.875% series E fixed rate resent non-cumulative perpetual preferreds trended negative.

The preferreds (NYSE: SNVPrE) slipped 4 cents to close at $25.56 on volume of about 332,000 shares.

Allstate falls

Elsewhere, insurance name Allstate’s 6.625% series E fixed rate non-cumulative perpetual preferred stock was seen falling.

The preferreds (NYSE: ALLPrE) lost 16 cents to close at $25.55 with about 444,000 shares trading.

Athene rises

Retirement company Athene’s 6.35% series A fixed-to-floating rate perpetual non-cumulative preference shares were on the rise.

The preferreds (NYSE: ATHPrA) added 13 cents to close at $26.60 on volume of about 338,000 shares.

On Monday, the preferreds lost 1 cent.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.05% by the close, rising from a 0.05% loss early Tuesday.

The iShares US Preferred Stock ETF was level at $36.77.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.