Deutsche Bank mixed; Annaly Capital preferreds better; Qwest $25-par notes edge lower

By James McCandless

San Antonio, July 23 – The preferred space spent much of Tuesday trading in mixed directions.

Leading trading volume, 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 were mixed.

Sector peer Voya Financial, Inc.’s 5.35% series B fixed-rate reset non-cumulative preferred stock improved.

Synovus Financial Corp.’s 5.875% series E fixed-rate reset non-cumulative perpetual preferreds saw a negative swing.

REIT Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock gained.

Elsewhere, in communications, Qwest Corp.’s 6.5% notes due 2056 dipped.

Deutsche Bank mixed

Deutsche Bank’s 8.05% and 6.55% trust preferred securities ended up mixed at the close.

The 8.05% preferreds (NYSE: DKT) were down 21 cents to close at $25.08 on volume of about 537,000 shares.

On Monday, the preferreds rose 6 cents.

The 6.55% preferreds (NYSE: DXB) were up 4 cents to close at $24.23 on volume of about 407,000 shares.

On Monday, the preferreds lost 11 cents.

Elsewhere in the finance space, Voya’s 5.35% series B fixed-rate reset non-cumulative preferreds were seen improving.

The preferreds (NYSE: VOYAPrB) added 17 cents to close at $25.73 with about 372,000 shares trading.

Synovus’ 5.875% series E fixed-rate reset non-cumulative perpetual preferreds saw a negative swing in trading.

The preferreds (NYSE: SNVPrE) declined by 3 cents to close at $25.85 on volume of about 299,000 shares.

Annaly Capital gains

Real estate investment trust Annaly Capital’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock was seen gaining.

The preferreds (NYSE: NLYPrI) improved by 3 cents to $25.52 with about 211,000 shares trading.

Qwest dips

Elsewhere, in communications, Qwest’s 6.5% notes due 2056 dipped.

The notes (NYSE: CTBB) fell 3 cents to close at $24.11 on volume of about 179,000 notes.

On Monday, the preferreds moved up 12 cents.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.09% at the end of the session, giving back a 0.07% rise from early Tuesday trading.

The iShares US Preferred Stock ETF was up 5 cents to $37.25.

© 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.