Morning Commentary: Citigroup heads lower; AT&T preferreds active; NGL trades higher

By James McCandless

San Antonio, April 28 – As Tuesday kicked off, the preferred space saw a positive tone as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.36%.

Despite leading early secondary trading, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were moving along a negative trend.

The preferreds (NYSE: CPrN) were down 4 cents to $26.54 on volume of about 84,000 shares.

Elsewhere in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were rising.

The preferreds (NYSE: ALLYPrA) were shifting up 18 cents to $21.64 with about 78,000 shares trading.

Sector peer Synchrony Financial’s 5.625% series A non-cumulative perpetual preferred stock was improving with the rest of the market.

The preferreds (NYSE: SYFPrA) were improving by 15 cents to $19.65 on volume of about 40,000 shares.

Telecom company AT&T Inc.’s 4.75% series C perpetual preferred stock was gaining while its 5% series A cumulative perpetual preferred stock was relatively active but unchanged.

The series C preferreds (NYSE: TPrC) were picking up 13 cents to $22.83 with about 32,000 shares trading.

The series A preferreds (NYSE: TPrA) were holding level at $24.84 with about 29,000 shares trading.

Meanwhile, in oil and gas, NGL Energy Partners LP’s 9% class B fixed-to-floating rate cumulative redeemable perpetual preferred units were shooting higher.

The preferreds (NYSE: NGLPrB) were jumping up $5.28 to $15.28 on volume of about 30,000 shares.

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