Ally Financial preferreds improve; AT&T trends higher; Athene fixed-to-floaters weaken

By James McCandless

San Antonio, Dec. 20 – The preferred market closed the last full week of trading for the year with broad increases.

Leading secondary trading, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities finished positive.

Elsewhere in finance, AXA Equitable Holdings, Inc.’s 5.25% series A non-cumulative preferred stock improved at the close.

Sector peer Morgan Stanley’s 4.875% series L non-cumulative preferreds followed other top traders upward.

Telecom services name AT&T Inc.’s 5% series A perpetual preferreds trended higher throughout the day.

Meanwhile, retirement company Athene Holding Ltd.’s 6.35% series A fixed-to-floating rate non-cumulative preference shares dived.

Ally Financial gains

Leading Friday secondary trading, Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities finished the session positive.

The preferreds (NYSE: ALLYPrA) were up 6 cents to close at $26.08 on volume of about 1.1 million shares.

On Thursday, the preferreds tacked on 1 cent.

Elsewhere in the finance space, AXA’s 5.25% series A non-cumulative preferred stock improved at the close.

The preferreds (NYSE: EQHPrA) picked up 10 cents to close at $25.70 with about 547,000 shares trading.

Sector peer Morgan Stanley’s 4.875% series L non-cumulative preferreds followed other top traders upward.

The preferreds (NYSE: MSPrL) gained 9 cents to close at $25.27 on volume of about 521,000 shares.

AT&T higher

Telecom services name AT&T’s 5% series A perpetual preferreds trended higher throughout the day.

The preferreds (NYSE: TPrA) improved by 14 cents to close at $25.95 with about 571,000 shares trading.

On Thursday, the preferreds shot up 12 cents.

Athene heads lower

Meanwhile, retirement company Athene’s 6.35% series A fixed-to-floating rate non-cumulative preference shares declined.

The preferreds (NYSE: ATHPrA) dropped 17 cents to close at $28.25 on volume of about 351,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index settled the week up by 0.09%, adding to the 0.04% gain from early Friday trading.

The iShares US Preferred Stock ETF was up 4 cents to $37.44.

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