Morning Commentary: JPMorgan preferreds mixed; AT&T $25-par notes down; Brookfield flat

By James McCandless

San Antonio, April 16 – The Tuesday open in the preferred space was largely positive, though top-trading securities were mixed.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.10%.

Leading early trading volume, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferreds were mixed at the open.

The series EE preferreds (NYSE: JPMPrC) were up 5 cents to $26.57 on volume of about 121,000 shares.

The series DD preferreds (NYSE: JPMPrD) were down 2 cents to $26.03 on volume of about 38,000 shares.

Elsewhere in the finance space, Morgan Stanley’s series A floating-rate non-cumulative preferred stock was on the positive side.

The preferreds (NYSE: MSPrA) gained 6 cents to $20.14 with about 42,000 shares trading.

KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferred stock was also slightly better at the open.

The preferreds (NYSE: KEYPrJ) picked up 2 cents to $25.21 on volume of about 25,000 shares.

Meanwhile, in telecom, AT&T, Inc.’s 5.35% global notes due 2066 opened on the negative side Tuesday morning.

The notes (NYSE: TBB) were down 1 cent to $25.08 with about 32,000 notes trading.

Meanwhile, Brookfield Property Partners LP’s preferreds (Nasdaq: BPYPP) were unchanged at $25.17 on volume of about 24,000 shares.

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