Morning Commentary: JPMorgan leads preferreds lower; Ally Financial, Capital One down

By James McCandless

San Antonio, Oct. 15 – The preferred market opened weaker on Monday as the Wells Fargo Hybrid & Preferred Securities Financial index lost 0.15% to start the session.

Leading the secondary space again, JPMorgan Chase & Co.’s recent issue of 5.75% series DD non-cumulative preferred stock started Monday falling.

The preferreds (NYSE: JPMPrD) were down 1 cent to $24.97 on volume of about 163,000 shares.

Elsewhere in the financial sector, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities traded down.

The preferreds (NYSE: ALLYPrA) were off 9 cents to $25.98 on volume of about 46,000 shares.

Meanwhile, Capital One Financial Corp.’s 5.2% series G fixed-rate non-cumulative perpetual preferred stock also declined.

The preferreds (NYSE: COFPrG) was down 21 cents to $22.62 with about 44,000 shares trading.

Real estate investment trust AGNC Investment Corp.’s 7.75% series B cumulative redeemable preferred stock also started lower.

The preferreds (Nasdaq: AGNCB) were down 11 cents to $25.13 with about 42,000 shares trading.

In the electric utilities space, the Southern Co.’s 5.25% series 2016A junior subordinated notes due 2076 dropped.

The securities (NYSE: SOJB) were lower by 7 cents to $22.21 on volume of about 33,000 notes.

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