Ally Financial fixed-to-floaters decline; Farmer Mac preferreds rise; SoCal Edison drops

By James McCandless

San Antonio, May 22 – The Wednesday session in the preferred space saw a lack of cohesive movement.

Leading trading, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were in decline.

Elsewhere in finance, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were also lower.

Lender Federal Agricultural Mortgage Corp.’s 5.7% series D non-cumulative preferred stock was on the rise.

Meanwhile, in utilities, Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities drop.

Sector peer Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds ended slightly better.

Ally Financial off

Leading trading in the secondary, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities weakened.

The preferreds (NYSE: ALLYPrA) were down 4 cents to close at $25.92 on volume of about 187,000 shares.

On Tuesday, the preferreds picked up 6 cents.

Elsewhere in the finance space, Deutsche Bank’s 6.55% trust preferred securities also ended on the losing side.

The preferreds (NYSE: DXB) edged 1 cent lower to close at $25.00 with about 146,000 shares trading.

Farmer Mac rises

In the lending space, Farmer Mac’s 5.7% series D non-cumulative preferred stock were on the rise in the Wednesday session.

The preferreds (NYSE: AGMPrD) gained 7 cents to close at $25.16 on volume of about 144,000 shares.

SoCal Edison drops

Meanwhile, in utilities, Southern California Edison’s 5% cumulative trust preferred securities dropped by the close.

The preferreds (NYSE: SCEPrL) fell 13 cents to close at $21.20 with about 134,000 shares trading.

On Tuesday, the preferreds added 8 cents.

Sector peer Duke Energy’s 5.75% series A cumulative redeemable perpetual preferreds ended the session slightly better.

The preferreds (NYSE: DUKPrA) were up 3 cents to close at $26.25 on volume of about 132,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up by 0.10% at the end of activity, doubling the 0.05% gain from early Wednesday trading.

The iShares US Preferred Stock ETF was up 5 cents to $36.58.

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