AT&T preferreds little moved as trial continues; Allstate secondary trading mixed

By James McCandless

San Antonio, April 16 – Traders reported a low-volume day in the preferred market.

AT&T Inc.’s preferreds started the week level with muted volume as its antitrust trial develops.

Allstate Corp.’s preferreds, including its recent $500 million issue of $25-par 5.625% series G perpetual preferred shares, were mixed to start the week on lower volume.

Aegon NV’s $525 million 8% non-cumulative subordinated notes, which are scheduled to be redeemed next month, was another volume leader.

AT&T saw about 150,000 of its preferred shares change hands on Monday, facing downward pressure but closing at Friday’s levels.

The activity came as the company continues to argue against the Department of Justice over AT&T’s attempted merger with Time Warner and whether or not the move would benefit or harm consumers.

Reports confirmed that the CEOs of both companies will testify in favor of the merger this week.

The preferreds stayed at $25.07.

Meanwhile, Allstate’s recent $500 million pricing of 5.625% series G perpetual preferred shares traded down, with about 133,000 shares traded. The series B shares were muted with about 49,000 shares changing hands.

The series G preferreds lost 1 cent to close at $24.34. The series B preferreds gained 8 cents to close at $25.61.

Separately, Aegon’s 8% non-cumulative subordinated notes were active ahead of the redemption of the notes on May 15.

The notes remained level at $25.44.

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