Goldman Sachs preferreds lower; Energy Transfer off; AT&T’s $25-par notes improve

By James McCandless

San Antonio, Jan. 3 – Preferreds saw a mixed day of trading on Thursday amid a backdrop of bleeding equity markets.

Leading trading volume was Goldman Sachs Group, Inc.’s 5.5% series J fixed-to-floating rate perpetual non-cumulative preferreds and its series D floating-rate non-cumulative preferreds, which both declined.

Elsewhere in finance, Bank of America Corp.’s 5.875% series HH non-cumulative preferreds were higher.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also seen improving.

In energy, Energy Transfer Partners LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units declined.

Telecom giant AT&T Inc.’s 5.35% global notes due 2066 were better.

The moves came amid weakness in the broader equity markets. The Dow Jones industrial average fell 660 points to close at 22,686. And the S&P 500 fell 62 points to end at 2,447.

Goldman weakens

Goldman Sachs’ 5.5% series J fixed-to-floating rate perpetual non-cumulative preferreds and its series D floating-rate non-cumulative preferreds both fell in the Thursday session.

The series J preferreds (NYSE: GSPrJ) were down 29 cents to close at $24.26 on volume of about 555,000 shares.

The series D preferreds (NYSE: GSPrD) were down 33 cents to close at $17.79 on volume of about 375,000 shares.

On Wednesday, the series D preferreds picked up 62 cents.

Elsewhere in the finance space, Bank of America’s 5.875% series HH non-cumulative preferred stock ended the day better.

The preferreds (NYSE: BACPrK) rose 4 cents to close at $24.79 with about 362,000 shares trading.

On Wednesday, the preferreds lost 2 cents.

JPMorgan’s 5.75% series DD non-cumulative preferred stock was also seen gaining on Thursday.

The preferreds (NYSE: JPMPrD) rose 3 cents to close at $25.01 on volume of about 336,000 shares.

Energy Transfer off

Meanwhile, Energy Transfer’s 7.625% series D fixed-to-floating rate cumulative perpetual preferred units declined.

The preferreds (NYSE: ETPPrD) fell 17 cents to close at $22.83 with about 301,000 shares trading.

AT&T gains

In the telecom space, AT&T’s 5.35% global notes due 2066 were gaining for a second day.

The notes (NYSE: TBB) were up 13 cents to close at $22.78 on volume of about 270,000 notes.

On Wednesday, the notes added 39 cents.

Indexes up

At Thursday’s close, the Wells Fargo Hybrid & Preferred Securities Financial index was up 0.07% after opening negative by 0.17%.

The iShares US Preferred Stock ETF was up 6 cents to $34.61.

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