Morning Commentary: KeyCorp preferreds decline; Energy Transfer lower; KKR units dip

By James McCandless

San Antonio, May 6 – The preferred space opened generally lower on Monday with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.19%.

At the top of early activity, KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds led the market decline.

The preferreds (NYSE: KEYPrK) were down 7 cents to $25.06 on volume of about 42,000 shares.

Elsewhere in the finance space, Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock was also moving negatively.

The preferreds (NYSE: RFPrC) were off by 12 cents to $25.40 with about 38,000 shares trading.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds followed the morning’s negative trend.

The preferreds (NYSE: JPMPrD) were trailing 6 cents to $26.15 on volume of about 34,000 shares.

Meanwhile, oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units also opened under water.

The preferreds (NYSE: ETPPrE) were lower by 8 cents to $24.77 with about 28,000 shares trading.

Asset manager KKR & Co. Inc.’s 6.75% series A non-cumulative preferred units edged lower.

The preferreds (NYSE: KKRPrA) were down 1 cent to $26.62 on volume of about 23,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.