Morning Commentary: Athene preferreds lifted; JPMorgan improves; AT&T edges lower

By James McCandless

San Antonio, June 29 – Top traders in the preferred market varied as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 0.03%.

Leading the secondary activity so far, retirement services provider Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares were being lifted.

The preferreds (NYSE: ATHPrC) were tacking on 4 cents to $25.29 on volume of about 57,000 shares.

Elsewhere, in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was improving.

The preferreds (NYSE: JPMPrJ) were up 4 cents to $25.08 with about 51,000 shares trading.

Sector peer Associated Banc-Corp’s 5.626% series F non-cumulative perpetual preferred stock was trailing at Monday’s start.

The preferreds (NYSE: ASBPrF) were shaving off 7 cents to $25.10 on volume of about 34,000 shares.

Meanwhile, telecom name AT&T Inc.’s 4.75% series C perpetual preferred stock was on the positive side as the session began.

The preferreds (NYSE: TPrC) were improving by 2 cents to $23.83 with about 46,000 shares trading.

Real estate investment trust Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds were declining.

The preferreds (NYSE: NLYPrF) were losing 29 cents to $21.00 on volume of about 43,000 shares.

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