Morning Commentary: Hartford’s new preferreds gain; Citigroup off; AT&T’s $25-pars rise

By James McCandless

San Antonio, Nov. 2 – As the week in trading headed for the close, the preferred market trended negative as the Wells Fargo Hybrid & Preferred Securities Financial index edged 0.01% lower.

Hartford Financial Services Group, Inc.’s new $300 million 6% series G non-cumulative perpetual preferred stock was gaining in early trading.

The preferreds, trading under the temporary symbol “HIGJL,” were up 4 cents to $25.19 on volume of about 554,000 shares.

Elsewhere in the insurance space, Enstar Group Ltd.’s 7% series D non-cumulative fixed-to-floating rate perpetual preferreds were moving lower.

The preferreds (Nasdaq: ESGRP) were down 5 cents to $25.70 with about 48,000 shares trading.

In the financial space, Citigroup, Inc.’s 7.125% series J fixed-to-floating rate non-cumulative preferreds opened the session declining.

The preferreds (NYSE: CPrJ) were down 2 cents to $27.16 on volume of about 116,000 shares.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock, while relatively active, were level in early trading.

The preferreds (NYSE: BACPrK) were unchanged at $24.89 with about 61,000 shares trading.

Telecom name AT&T, Inc.’s 5.35% global notes due 2066 were higher early Friday.

The notes (NYSE: TBB) were up 1 cent to $23.65 on volume of about 67,000 notes.

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