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Morning Commentary: Maiden Holdings mixed; Alabama Power preferreds down; AT&T rises
By James McCandless
San Antonio, Nov. 12 – The preferred space opened a new week with lower volume as the Wells Fargo Hybrid & Preferred Securities Financial index saw a slight gain of 0.01%.
Leading the secondary, insurance provider Maiden Holdings, Ltd.’s 7.75% notes due 2043 were shooting higher at the start of the session.
The notes (NYSE: MHNC) were up $3.20 to $23.51 on volume of about 279,000 notes.
The company’s 8.25% series A non-cumulative preference shares were moving in the opposite direction.
The preferreds (NYSE: MHPrA) were down $2.34 to $15.40 on volume of about 109,000 shares.
After the close on Friday, the company reported a loss of $2.83 per share for the third quarter.
In the utilities space, Alabama Power Co.’s 5% class A cumulative preferred stock was moving lower early Monday.
The preferreds (NYSE: ALPPrQ) were down 10 cents to $24.86 with about 35,000 shares trading.
Telecom giant AT&T Inc.’s 5.35% global notes due 2066 started the session better.
The notes (NYSE: TBB) were up 3 cents to $23.92 on volume of about 34,000 notes.
Meanwhile, in the finance sector, Bank of America Corp.’s 5.875% series HH non-cumulative preferreds and its 6% series GG non-cumulative preferreds were both declining.
The series HH preferreds (NYSE: BACPrK) were off 2 cents to $24.74 with about 32,000 shares trading.
The series GG preferreds (NYSE: BACPrB) were down 11 cents to $25.20 with about 26,000 shares trading.
JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was improving to start the day.
The preferreds (NYSE: JPMPrD) were up 1 cent to $24.95 on volume of about 25,000 shares.
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