Morgan Stanley preferreds active in secondary; NiSource flat; AT&T’s $25-par notes drop

By James McCandless

San Antonio, Dec. 14 – The preferred market finished the Friday session largely negative.

Leading trading volume, Morgan Stanley’s 6.875% series F fixed-to-floating rate non-cumulative preferreds fell while its 6.375% series I fixed-to-floating rate non-cumulative preferreds improved.

Elsewhere in finance, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock was negative.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds also went lower.

In utilities, NiSource Inc.’s recent series B fixed-rate reset cumulative redeemable perpetual preferred stock was active but flat.

Telecom name AT&T, Inc.’s 5.35% global notes due 2066 declined.

Morgan Stanley mixed

Leading the way in Friday’s session, Morgan Stanley’s 6.875% series F and its 6.375% series I fixed-to-floating rate non-cumulative preferreds were mixed.

The series F preferreds (NYSE: MSPrF) were down 3 cents to $26.36 on volume of about 583,000 shares.

The series I preferreds (NYSE: MSPrI) gained 2 cents to close at $25.46 on volume of about 217,000 shares trading.

Elsewhere in the finance space, Goldman Sachs’ series D floating-rate non-cumulative preferreds weakened.

The preferreds (NYSE: GSPrD) lost 23 cents to close at $18.00 with about 377,000 shares trading.

On Thursday, the preferreds lost 13 cents.

Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock slid.

The preferreds (NYSE: WFCPrQ) declined 13 cents to close at $24.31 on volume of about 325,000 shares.

NiSource level

Meanwhile, in utilities, NiSource’s recent series B fixed-rate reset cumulative redeemable perpetual preferreds were active but flat.

The preferreds, trading under the temporary symbol “NISOP,” ended the session level at $24.95 with about 226,000 shares trading.

AT&T declines

Telecom giant AT&T’s 5.35% global notes due 2066 fell again.

The notes (NYSE: TBB) lost 15 cents to $22.41 on volume of about 181,000 notes.

On Thursday, the notes dropped by 3 cents.

Indexes down

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.09% at the session’s end, gaining back some of the 0.16% loss at Friday’s start.

The iShares US Preferred Stock ETF was down 9 cents to $34.56.

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