Morning Commentary: Public Storage preferreds top par; AT&T better; Ally Financial dips

By James McCandless

San Antonio, Dec. 12 – The preferred market started Thursday slightly positive with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.01%.

Leading secondary trading on its first day, real estate investment trust Public Storage’s new $200 million 4.75% series K cumulative preferred shares were spotted moving above par.

The preferreds, trading under the temporary symbol “PBSGZ,” were seen at $25.10 on volume of about 208,000 shares.

Separately, American Finance Trust, Inc.’s 7.5% series A cumulative redeemable perpetual preferred stock was relatively active but unchanged early in the session.

The preferreds (Nasdaq: AFINP) were level at $25.27 with about 76,000 shares trading.

Meanwhile, in telecom, AT&T Inc.’s new 5% series A perpetual preferred stock was improving as the morning started.

The preferreds, trading under the temporary symbol “ATATL,” were picking up 5 cents to $25.24 on volume of about 173,000 shares.

Financial services name Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were under pressure.

The preferreds (NYSE: ALLYPrA) were losing 2 cents to $25.93 with about 93,000 shares trading.

Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were climbing modestly.

The preferreds (NYSE: DXB) were improving by 6 cents to $25.71 on volume of about 74,000 shares.

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