Goldman Sachs preferreds decline; AT&T’s $25-par notes weaken; NiSource improves

By James McCandless

San Antonio, Dec. 18 – The Tuesday session of preferred trading ended mixed on robust volume.

At the top of the secondary, Goldman Sachs Group, Inc.’s series D and series A floating-rate non-cumulative preferred stock declined.

Elsewhere in finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds gained slightly.

Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock was also higher.

In telecom, AT&T, Inc.’s 5.35% global notes due 2066 fell.

Utilities name NiSource Inc.’s recent series B fixed-rate reset cumulative redeemable perpetual preferred stock improved.

Goldman Sachs weakens

Leading in the secondary space, Goldman Sachs’ series D and series A floating-rate non-cumulative preferred stock both declined in Tuesday activity.

The series D preferreds (NYSE: GSPrD) were down 13 cents to close at $17.47 on volume of about 590,000 shares.

On Monday, the series D preferreds fell 40 cents.

The series A preferreds (NYSE: GSPrA) lost 16 cents to close at $17.60 on volume of about 261,000 shares.

On Monday, the series A preferreds lost 38 cents.

Elsewhere in the finance space, JPMorgan’s 5.75% series DD non-cumulative preferreds saw a slight gain.

The preferreds (NYSE: JPMPrD) picked up 1 cent to close at $24.50 with about 403,000 shares trading.

On Monday, the preferreds dropped 21 cents.

Bank of America’s 5.875% series HH non-cumulative preferreds also gained.

The preferreds (NYSE: BACPrK) were up 7 cents to $24.34 on volume of about 370,000 shares.

AT&T down

Meanwhile, in the utilities space, AT&T’s 5.35% global notes due 2066 traded negative on Tuesday.

The notes (NYSE: TBB) declined by 9 cents to close at $22.03 with about 261,000 notes trading.

NiSource edges upward

After a string of high-volume trading sessions paired with flat movement, NiSource’s series B fixed-rate reset cumulative redeemable perpetual preferred stock improved.

The preferreds, trading under the temporary symbol “NISOP,” rose 1 cent to close at $24.96 on volume of about 242,000 shares.

On Monday, the preferreds were level.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.10% at Tuesday’s end, giving back a 0.03% gain from early trading.

The iShares US Preferred Stock ETF was up 16 cents to $34.01.

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