Ally Financial improves; Energy Transfer preferreds see a boost; AT&T $25-par notes up

By James McCandless

San Antonio, Jan. 8 – A rally in the overall market saw gains in the preferred secondary space.

Leading trading volume, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended the day better.

Elsewhere in finance, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock also gained in the session.

Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds traded higher.

In the oil and gas space, Energy Transfer Partners, LP’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units followed the positive trend.

Telecom name AT&T Inc.’s 5.35% global notes due 2066 extended their run of gains.

Ally Financial gains

Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities were better on Tuesday.

The preferreds (NYSE: ALLYPrA) edged up 1 cent to close at $25.65 on volume of about 476,000 shares.

On Monday, the preferreds also rose 1 cent.

Elsewhere in the finance space, Bank of America’s 5.875% series HH non-cumulative preferreds saw a gain in trading.

The preferreds (NYSE: BACPrK) added 5 cents to close at $25.00 with about 415,000 shares trading.

On Tuesday, the company declared dividends for 13 of the company’s preferred stocks, not including the series HH preferreds.

Goldman Sachs’ series D floating-rate non-cumulative preferreds ended the session higher.

The preferreds (NYSE: GSPrD) picked up 6 cents to close at $18.32 on volume of about 372,000 shares.

On Monday, the preferreds traded up 16 cents.

Energy Transfer better

Meanwhile, in oil and gas, Energy Transfer’s 7.375% series C fixed-to-floating rate cumulative redeemable perpetual preferred units were on a positive trend.

The preferreds (NYSE: ETPPrC) were up 28 cents to close at $23.12 with about 313,000 shares trading.

AT&T rises

Telecom giant AT&T’s 5.35% global notes due 2066 extended a multi-day run of gains on Tuesday.

The notes (NYSE: TBB) gained 25 cents to close at $23.54 on volume of about 195,000 notes.

On Monday, the notes rose by 30 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.07% by the end of the session, giving back some of the 0.13% increase at Tuesday’s open.

The iShares US Preferred Stock ETF was up 9 cents to $35.18.

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