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Goldman Sachs preferreds decline; AT&T’s $25-par notes slip; Southern Co. heads lower
By James McCandless
San Antonio, Dec. 13 – Preferreds ended generally lower on Thursday, adding to weakness seen earlier in the trading session.
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.12% at the Thursday close after opening lower by 0.08%. The iShares US Preferred Stock ETF was down 10 cents to $34.65.
Leading trading volume, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds declined.
Elsewhere in finance, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferreds were positive.
JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock ended slightly higher.
In telecom, AT&T, Inc.’s 5.35% global notes due 2066 extended a decline.
Utilities name Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 were lower.
Goldman Sachs negative
At the top of secondary trading, Goldman Sachs’ series D floating-rate non-cumulative preferreds led a negative trend.
The preferreds (NYSE: GSPrD) were down 13 cents to close at $18.23 on volume of about 462,000 shares.
On Wednesday, the preferreds picked up 2 cents.
Elsewhere in the finance space, Citigroup’s 7.875% fixed-to-floating rate trust preferreds ended the session higher.
The preferreds (NYSE: CPrN) gained 11 cents to close at $26.25 with about 343,000 shares trading.
JPMorgan’s 5.75% series DD non-cumulative preferred stock saw a modest rise on Thursday.
The preferreds (NYSE: JPMPrD) rose 1 cent to close at $24.75 on volume of about 248,000 shares.
AT&T declines
In the telecom space, AT&T’s 5.35% global notes due 2066 saw a second day of declines in Thursday activity.
The notes (NYSE: TBB) fell 3 cents to close at $22.56 with about 212,000 notes trading.
On Wednesday, the notes lost 7 cents.
Southern Co. off
Utilities name Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 joined the negative trend.
The notes (NYSE: SOJA) were down 5 cents to $25.05 on volume of about 206,000 notes.
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