Morning Commentary: Ally Financial preferreds decline; AT&T mixed; New Residential falls

By James McCandless

San Antonio, May 11 – As Monday kicked off, the top traders in the preferred market were taking a dip even as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.21%.

Leading the secondary activity, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were under water early.

The preferreds (NYSE: ALLYPrA) were down 5 cents to $22.03 on volume of about 59,000 shares.

Elsewhere in the finance space, Synchrony Financial’s 5.625% series A non-cumulative perpetual preferreds were also losing ground.

The preferreds (NYSE: SYFPrA) were declining by 30 cents to $19.55 with about 27,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was improving, going against the trend.

The preferreds (NYSE: JPMPrJ) were improving by 5 cents to $24.85 on volume of about 27,000 shares.

Telecom services provider AT&T Inc.’s 5.35% global notes due 2066 began on the positive side while its 4.75% series C perpetual preferred stock began with a slide.

The notes (NYSE: TBB) were rising 3 cents to $26.03 with about 54,000 notes trading.

The series C preferreds (NYSE: TPrC) were losing 10 cents to $23.29 with about 36,000 shares trading.

Meanwhile, real estate investment trust New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock started the session lower.

The preferreds (NYSE: NRZPrC) were shedding $1.10 to $16.60 on volume of about 42,000 shares.

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