Morning Commentary: Preferreds trend lower; Bank of America, Energy Transfer decline

By James McCandless

San Antonio, Dec. 4 – Tuesday trading in the preferred space kicked off with a negative trend as the Wells Fargo Hybrid & Preferred Securities Financial index moved lower by 0.14%.

Leading the overall decline was Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock.

The preferreds (NYSE: BACPrK) were down 5 cents to $24.15 on volume of about 66,000 shares.

Elsewhere in finance, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock was declining to start the session.

The preferreds (NYSE: GSPrD) were lower by 21 cents to $18.85 with about 58,000 shares trading.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were also lower.

The preferreds (NYSE: WFCPrQ) were down 2 cents to $24.67 on volume of about 54,000 shares.

Elsewhere, in the oil and gas space, Energy Transfer Partners, LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units joined the negative trend.

The preferreds (NYSE: ETPPrD) were down 5 cents to $23.19 on volume of about 50,000 shares.

In telecom, AT&T Inc.’s 5.35% global notes due 2066 moved downward.

The notes (NYSE: TBB) started lower by 14 cents to $22.71 with about 41,000 notes trading.

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