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Morning Commentary: African Asset preferreds price; Citigroup trades lower; AT&T weaker
By James McCandless
San Antonio, April 21 – Tuesday started with a continuation of the previous day’s declines as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 0.83%.
More primary market rumblings resulted in African Asset Finance Co. Inc.’s Tuesday announcement that it sold $30 million redeemable preferred shares in two equal tranches.
Roha II LP is the bookrunner.
Meanwhile, the secondary started with Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities on a negative trend.
The preferreds (NYSE: CPrN) were down 16 cents to $27.07 on volume of about 92,000 shares.
Elsewhere in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also trailing.
The preferreds (NYSE: ALLYPrA) were shedding 34 cents to $20.20 with about 50,000 shares trading.
Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock was moving along the early trend.
The preferreds (NYSE: BACPrN) were off 8 cents to $24.38 on volume of about 43,000 shares.
Telecom services provider AT&T Inc.’s 4.75% series C perpetual preferreds and its 5.35% global notes due 2066 were both weakening as the day started.
The series C preferreds (NYSE: TPrC) were dipping 2 cents to $22.99 with about 48,000 shares trading.
The notes (NYSE: TBB) were shaving off 7 cents to $25.85 with about 38,000 notes trading.
Meanwhile, communications name Qwest Corp.’s 6.5% notes due 2056 were under pressure.
The notes (NYSE: CTBB) were falling 47 cents to $22.58 on volume of about 32,000 notes.
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