Allstate preferreds mixed; AT&T down as antitrust trial continues; Citigroup active

By James McCandless

San Antonio, April 12 – The preferred market largely declined on Thursday as a generally positive week nears the close.

AT&T Inc.’s preferreds closed the day down as the Department of Justice continues its antitrust trial against AT&T’s proposed merger with Time Warner Inc.

Allstate Corp. continues to lead in the secondary market with its recent $500 million issue of 5.625% $25-par series G perpetual preferred shares and its series B shares.

Citigroup Inc.’s series L preferred shares saw positive trading at almost double its normal volume.

AT&T down

AT&T’s preferred shares saw a slight decline with more than 168,000 shares changing hands as it sought to defend itself against the Department of Justice’s accusations that an attempted merger with Time Warner would be harmful to consumers, calling its own witness to counteract an argument made by a government witness Tuesday.

The preferreds dropped 4 cents to close at $25.29.

Allstate mixed

Allstate’s recent $500 million pricing of $25-par series G perpetual preferred shares saw movement for 130,000 shares in Thursday trading.

The series G preferreds traded up 7 cents to close at $25.32. Its series B preferreds, with almost 300,000 shares exchanged, dropped 26 cents to close at $26.00.

Citigroup up

Citigroup saw its preferred L shares jump up in activity, with almost double its normal volume as more than 70,000 shares traded.

The preferreds gained 5 cents to close at $26.20.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index ended the day down 0.04% after being up 0.06% in Thursday morning trading.

The iShares US Preferred Stock ETF lost 5 cents to close at $37.25.

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