Morning Commentary: New Spire preferreds flat; KeyCorp rises; Teekay Offshore tanks

By James McCandless

San Antonio, May 17 – At the beginning of the Friday session, the preferred space was trending lower with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.10%.

Leading early trading, Spire Inc.’s new 5.9% series A cumulative redeemable perpetual preferred stock was relatively active but flat.

The preferreds, trading under the temporary symbol “SIPRY,” were level at $25.70 on volume of about 40,000 shares.

Elsewhere, in finance, KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds opened the day slightly higher.

The preferreds (NYSE: KEYPrK) added 2 cents to $25.17 with about 27,000 shares trading.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities started lower.

The preferreds (NYSE: ALLYPrA) declined 5 cents to $25.88 on volume of about 21,000 shares.

Meanwhile, in shipping, Teekay Offshore Partners LP’s 8.5% series B cumulative redeemable preferred units and its 8.875% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were sliding lower.

The series B preferreds (NYSE: TOOPrB) were down 67 cents to $18.76 with about 23,000 shares trading.

The series E preferreds (NYSE: TOOPrE) were down 54 cents to $19.20 with about 16,000 shares trading.

In the telecom space, AT&T, Inc.’s 5.35% global notes due 2066 were also under pressure.

The notes (NYSE: TBB) fell 2 cents to $25.63 on volume of about 14,000 notes trading.

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