Ally Financial slides; AT&T preferreds negative; National General better

By James McCandless

San Antonio, July 22 – The preferred space ended Wednesday in the red, with top traders under pressure.

Leading the day’s secondary activity, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were down 5 cents to close at $23.95 on volume of about 318,000 shares.

Elsewhere in the finance space, First Horizon National Corp.’s 6.5% series E non-cumulative perpetual preferred stock shaved off 20 cents to close at $25.50 with about 306,000 shares trading.

Sector peer Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities declined by 14 cents to close at $26.93 on volume of about 272,000 shares.

Telecom services company AT&T, Inc.’s 4.75% series C perpetual preferred shares were docked 2 cents to close at $24.49 with about 260,000 shares trading.

Meanwhile, insurance carrier National General Holdings Corp.’s 7.5% series C non-cumulative preferreds tacked on 1 cent to close at $25.81 on volume of about 166,000 shares.

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