AT&T preferreds lifted; Public Storage tops par; AXA negative

By James McCandless

San Antonio, Dec. 12 – The preferred market’s Thursday top traders skewed negative, but newer issues had better luck.

Leading the day’s activity, AT&T Inc.’s new 5% series A perpetual preferred stock were lifted by the close.

Elsewhere, REIT Public Storage’s new $200 million 4.75% series K cumulative preferred shares finished above par.

Meanwhile, in finance, AXA Equitable Holdings, Inc.’s 5.25% series A non-cumulative preferreds were negative.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock also moved downward.

Oil and gas name NuStar Energy LP’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferreds were under water.

AT&T lifted

At the top of Thursday’s secondary activity, telecom name AT&T’s new 5% series A perpetual preferred shares were lifted by the close.

The preferreds, trading under the temporary symbol “ATATL,” were up 11 cents to close at $25.27 on volume of about 1.4 million shares.

On Wednesday, the preferreds gained 10 cents.

Public Storage past par

Elsewhere, real estate investment trust Public Storage’s new $200 million 4.75% series K cumulative preferred shares finished their first day above par.

The preferreds, trading under the temporary symbol “PBSGZ,” closed at $25.06 on volume of about 983,000 shares.

The deal priced on Wednesday.

AXA negative

Meanwhile, in the finance space, AXA’s 5.25% series A non-cumulative preferreds were negative by the end of the afternoon.

The preferreds (NYSE: EQHPrA) declined by 8 cents to close at $25.08 on volume of about 687,000 shares.

Sector peer Capital One’s 5% series I fixed-rate non-cumulative perpetual preferred stock also moved downward.

The preferreds (NYSE: COFPrI) shaved off 2 cents to close at $24.90 with about 449,000 shares trading.

On Wednesday, the preferreds picked up 8 cents.

NuStar down

Oil and gas name NuStar Energy’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferreds were also under water.

The preferreds (NYSE: NSPrB) dipped 14 cents to close at $21.48 on volume of about 559,000 shares.

On Wednesday, the preferreds shot up 24 cents.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index ended the day down by 0.01%, reversing a 0.01% rise from early Thursday trading.

The iShares US Preferred Stock ETF was up 2 cents to $37.10.

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