Ally Financial trails; AT&T preferreds negative; MetLife dives

By James McCandless

San Antonio, March 11 – As the common market entered bear market territory, the preferred space saw more declines on Wednesday.

Leading the secondary’s slide, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were down.

Elsewhere in the finance space, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities improved.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock and its 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock slid.

Meanwhile, in telecom, AT&T, Inc.’s 4.75% series C perpetual preferred stock and its 5% series A cumulative perpetual preferred stock followed the rest of the market downward.

Insurance provider MetLife, Inc.’s 5.625% series E non-cumulative preferreds took a dive as the day came to an end.

Ally trails

At the top of Wednesday’s secondary slide, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities trailed.

The preferreds (NYSE: ALLYPrA) were down 13 cents to close at $25.00 on volume of about 624,000 shares.

On Tuesday, the preferreds gained 10 cents.

Elsewhere in the finance space, Deutsche Bank’s 6.55% trust preferred securities improved, going against the day’s trend.

The preferreds (NYSE: DXB) picked up 8 cents to close at $25.14 with about 535,000 shares trading.

Sector peer Wells Fargo’s 4.75% series Z non-cumulative perpetual class A preferred stock and its 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock both saw a slide.

The series Z preferreds (NYSE: WFCPrZ) dipped 36 cents to close at $23.97 on volume of about 527,000 shares.

The series Q preferreds (NYSE: WFCPrQ) fell 60 cents to close at $25.16 on volume of about 456,000 shares.

AT&T lower

Meanwhile, in telecom, AT&T’s 4.75% series C perpetual preferred stock and its 5% series A cumulative perpetual preferred stock followed the rest of the market’s downward push.

The series C preferreds (NYSE: TPrC) lopped off 43 cents to close at $23.87 with about 437,000 shares trading.

On Tuesday, the preferreds improved by 32 cents.

The series A preferreds (NYSE: TPrA) shed 27 cents to close at $25.02 with about 377,000 shares trading.

MetLife dives

Insurance provider MetLife’s 5.625% series E non-cumulative preferreds took a dive as the day came to an end.

The preferreds (NYSE: METPrE) crashed 45 cents to close at $25.30 on volume of about 366,000 shares.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index capped the day down by 1.12%, extending a 0.91% drop from early Wednesday trading.

The iShares US Preferred Stock ETF was down 59 cents to $34.79.

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