Morning Commentary: AT&T preferreds drop after plan to sell notes; KeyCorp’s new preferreds lower

By James McCandless

San Antonio, July 25 – AT&T, Inc.’s 5.35% global notes due 2066 declined in early trading after the company announced that it plans to price a sale of fixed rate global notes due 2067.

The preferreds (NYSE: TBB) were down 37 cents to $24.64 with volume at about 376,000 shares.

KeyCorp’s new $425 million of 5.65% series F fixed-rate perpetual non-cumulative preferred stock started the day lower.

The deal was priced Monday.

The preferreds, trading under the temporary symbol “KYYCP,” were down 1 cent to $24.82 with about 228,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.09% in early trading, reversing a 0.07% decline at market close Tuesday.

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