Morning Commentary: Citigroup, Duke Energy preferreds improve; AT&T $25-pars weaken

By James McCandless

San Antonio, July 26 – While slow to start on Friday morning, the preferred space opened higher with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.17%.

At the top of early activity, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities began the session moving upward.

The preferreds (NYSE: CPrN) rose 7 cents to $27.37 on volume of about 39,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferreds moved in different directions as the day started.

The series EE preferreds (NYSE: JPMPrC) edged 1 cent lower to $27.33 with about 27,000 shares trading.

The series DD preferreds (NYSE: JPMPrD) gained 4 cents to $27.31 with about 25,000 shares trading.

Sector peer U.S. Bancorp’s series B non-cumulative perpetual preferreds were improving.

The preferreds (NYSE: USBPrH) were pushing up 13 cents to $20.63 on volume of about 21,000 shares.

Meanwhile, in utilities, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock followed the positive trend.

The preferreds (NYSE: DUKPrA) were adding 10 cents to $27.37 with about 18,000 shares trading.

In communications, AT&T, Inc.’s 5.35% global notes due 2066 were trailing on Friday morning.

The notes (NYSE: TBB) were down 5 cents to $26.43 on volume of about 18,000 notes.

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