AT&T under pressure; First Republic preferreds decline; Allstate better

By James McCandless

San Antonio, Jan. 3 – The end of the week in the preferred market saw negativity from top traders as the overall market shifted higher.

Leading in the secondary, AT&T Inc.’s 5% series A perpetual preferred stock declined by the end of the session.

Elsewhere, in finance, First Republic Bank’s 4.7% series J non-cumulative perpetual preferred stock also saw a decline.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock dived as the afternoon ended.

Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds joined the negative trend.

Meanwhile, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock moved into a better position.

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