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Morning Commentary: Spire above par; AXIS Capital preferreds drop; Deutsche Bank gains
By James McCandless
San Antonio, May 15 – The preferred space saw another mixed open as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 0.06%.
Leading trading volume at the beginning of the session, Spire Inc.’s new $200 million 5.9% series A cumulative redeemable perpetual preferred stock was rising on its first trading day.
The preferreds, trading under the temporary symbol “SIPRY,” were seen above par at $25.64 on volume of about 141,000 shares.
The deal priced on Tuesday.
Elsewhere, insurance provider AXIS Capital Holdings Ltd.’s 5.5% series E non-cumulative preferred stock was lower.
The preferreds (NYSE: AXSPrE) were down 10 cents to $24.37 with about 44,000 shares trading.
Meanwhile, in the finance space, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were moving higher.
The preferreds (NYSE: DKT) picked up 3 cents to $25.84 on volume of about 36,000 shares.
Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were being pushed under.
The preferreds (NYSE: ALLYPrA) were off by 1 cent to $25.89 with about 36,000 shares trading.
Goldman Sachs Group, Inc.’s floating-rate non-cumulative preferred stock was edging higher.
The preferreds (NYSE: GSPrD) were adding 1 cent to $19.69 on volume of about 32,000 shares.
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