Energy Transfer preferreds improve; Regions Financial better; Spire preferreds end lower

By James McCandless

San Antonio, May 31 – Top-trading preferreds finished the Memorial Day holiday-shortened week trending to the upside, diametrically opposed to a weaker overall equity and preferred market.

In energy, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units closed better.

Meanwhile, in finance, Regions Financial Corp.’s 6.375% non-cumulative perpetual preferred stock was also positive.

Sector peer KeyCorp’s 5.625% fixed-rate perpetual non-cumulative preferreds received a late afternoon boost.

Utilities name Spire Inc.’s 5.9% series A cumulative redeemable perpetual preferreds moved lower.

Elsewhere, in communications, Qwest Corp.’s 6.5% notes due 2056 followed the upward trend.

Energy Transfer better

Leading trading volume for a third straight day, Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units finished the week better.

The preferreds (NYSE: ETPPrE) were up 2 cents to close at $24.66 on volume of about 1.9 million shares.

On Thursday, the preferreds lost 2 cents.

Regions Financial gains

Meanwhile, in the finance space, Regions Financial’s 6.375% non-cumulative perpetual preferred stock also closed higher at the end of the session.

The preferreds (NYSE: RFPrA) gained 6 cents to close at $25.38 with about 951,000 shares trading.

Sector peer KeyCorp’s 5.625% fixed-rate perpetual non-cumulative preferreds saw a late afternoon boost.

The preferreds (NYSE: KEYPrK) added 18 cents to close at $25.49 on volume of about 648,000 shares.

On Thursday, the preferreds lost 2 cents.

Spire lower

Meanwhile, Spire’s 5.9% series A cumulative redeemable perpetual preferreds moved lower.

The preferreds (NYSE: SRPrA) were down 2 cents to close at $25.88 with about 718,000 shares trading.

On Thursday, the preferreds fell 3 cents.

Qwest rises

Elsewhere, in communications, Qwest’s $25-par 6.5% notes due 2056 followed top traders’ upward trend.

The notes (NYSE: CTBB) added 20 cents to $22.99 on volume of about 451,000 notes.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.47% at day’s end, almost doubling the 0.25% drop from early Friday trading.

The iShares US Preferred Stock ETF was off 11 cents to $36.54.

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