Allstate leads preferred space lower; Citigroup falls; Southern Co. $25-par notes dive

By James McCandless

San Antonio, Aug. 5 –The preferred space cratered on the first day of a new week on broader market worries about escalating conflict in global trade.

Allstate Corp.’s new 5.1% series H fixed-rate non-cumulative perpetual preferred stock led the market lower.

The preferreds, trading under the temporary symbol “ALLZL,” were down 8 cents to close at $25.17 on volume of about 2.4 million shares.

Meanwhile, in finance, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were seen falling.

The preferreds (NYSE: CPrN) declined by 36 cents to close at $26.78 with about 519,000 shares trading.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the day’s trend.

The preferreds (NYSE: ALLYPrA) lost 24 cents to close at $26.29 on volume of about 252,000 shares.

JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were trailing throughout the session.

The preferreds (NYSE: JPMPrC) slipped 18 cents to close at $27.28 with about 251,000 shares trading.

Elsewhere, in utilities, Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 (NYSE: SOJA) shaved off 31 cents to close at $25.94.

The Wells Fargo Hybrid & Preferred Securities Financial index dropped 0.62% at the close.

The iShares US Preferred Stock ETF was down 37 cents to $36.88.

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