Ally Financial trails; AT&T preferreds negative; MetLife dives

By James McCandless

San Antonio, March 11 – As the common market entered bear market territory, the preferred space saw more declines on Wednesday.

Leading the secondary’s slide, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were down 13 cents to close at $25.00 on volume of about 624,000 shares.

Elsewhere in the finance space, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities improved, going against the day’s trend to pick up 8 cents to close at $25.14 with about 535,000 shares trading.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock dipped 36 cents to close at $23.97 on volume of about 527,000 shares. Its 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock fell 60 cents to close at $25.16 on volume of about 456,000 shares.

Meanwhile, in telecom, AT&T, Inc.’s 4.75% series C perpetual preferred stock and its 5% series A cumulative perpetual preferred stock followed the rest of the market downward.

The series C preferreds lopped off 43 cents to close at $23.87 with about 437,000 shares trading.

The series A preferreds shed 27 cents to close at $25.02 with about 377,000 shares trading.

Insurance provider MetLife, Inc.’s 5.625% series E non-cumulative preferreds crashed 45 cents to close at $25.30 on volume of about 366,000 shares.

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