Morning Commentary: CIT under par; NGL preferreds crater; Allstate active, unchanged

By James McCandless

San Antonio, Nov. 8 – The preferred space started Friday with a positive respite as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.11%.

At the top of early trading, CIT Group Inc.’s new $200 million 5.625% series B non-cumulative perpetual preferred stock was moving under par.

The preferreds, trading under the temporary symbol “CITUP,” were seen at $24.94 on volume of about 107,000 shares.

Elsewhere in the finance space, Synchrony Financial’s new 5.625% series A non-cumulative perpetual preferred stock was improving as the session began.

The preferreds, trading under the temporary symbol “SNFI,” were gaining 4 cents to $24.93 with about 54,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 6.125% series Y non-cumulative preferreds also opened on the positive side.

The preferreds (NYSE: JPMPrF) were improving by 1 cent to $25.22 on volume of about 36,000 shares.

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

The preferreds (NYSE: NGLPrB) were diving 71 cents to $25.00 with about 78,000 shares trading.

Insurance name Allstate Corp.’s new 4.75% series I fixed-rate non-cumulative perpetual preferred stock was active but unchanged so far.

The preferreds, trading under the temporary symbol “ASTLZ,” were holding level at $24.73 on volume of about 76,000 shares.

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