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Morning Commentary: Brexit continues to pressure preferred stocks; European banks remain weak
By Stephanie N. Rotondo
Seattle, June 27 – The preferred stock market continued to feel pressure on Monday following Friday’s sell-off on the United Kingdom’s vote to leave the European Union.
The Wells Fargo Hybrid and Preferred Securities index was down 67 basis points at mid-morning. It closed down 53 bps on Friday, though that was much better than the lows of the day.
Trading in European banks also remained in vogue, as investors pushed the paper lower.
Barclays Bank plc’s 8.125% series 5 noncumulative callable dollar preference shares (NYSE: BCSPD) were down 53 cents, or 2.07%, at $25.08 in early trading. The 7.1% series 3 dollar-denominated noncumulative callable preference shares (NYSE: BCSPA) had slid 61 cents, or 2.4%, to $24.82.
Deutsche Bank AG’s 7.6% trust preferred securities (NYSE: DTK) were meantime off 39 cents, or 1.54%, at $24.89, while Royal Bank of Scotland Group plc’s 7.25% series T noncumulative dollar preference shares (NYSE: RBSPT) were down 49 cents, or 1.91%, at $24.71.
Even domestic banks were on the losing side, despite last week’s release of stress test results that showed all 33 banks tested would be able to handle a severe downturn.
Wells Fargo & Co.’s 5.5% series X class A noncumulative perpetual preferreds (NYSE: WFCPX) were slightly weaker at $25.405.
Meanwhile, KKR & Co. LP’s $155 million of 6.5% series B perpetual preferred units began trading on the New York Stock Exchange on Monday.
The ticker is “KKRPB.” The deal came June 13.
The issue was one of the day’s few gainers in early trades, as the units moved up to $25.20 from opening levels of $25.09.
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