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Morning Commentary: Citigroup Capital preferreds dive; AT&T notes weaken; AGNC declines
By James McCandless
San Antonio, March 16 – On the heels of the Federal Reserve slashing interest rates to near zero, the preferred market opened with significant losses as the Wells Fargo Hybrid & Preferred Securities Financial index started down by 5.78%.
Leading the secondary activity on Monday morning, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were diving.
The preferreds (NYSE: CPrN) were down $1.32 to $24.98 on volume of about 290,000 shares.
Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also under water.
The preferreds (NYSE: ALLYPrA) were declining by $3.64 to $19.49 with about 125,000 shares trading.
Elsewhere in the finance space, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferred stocks were both weakening.
The series DD preferreds (NYSE: JPMPrD) were shedding $1.06 to $25.03 on volume of about 117,000 shares.
The series EE preferreds (NYSE: JPMPrC) were sliding $1.13 to $25.61 on volume of about 102,000 shares.
Telecom services provider AT&T, Inc.’s 5.35% global notes due 2066 and its 5% series A cumulative perpetual preferreds were following the morning trend.
The notes (NYSE: TBB) were losing 95 cents to $24.23 with about 110,000 notes trading.
The series A preferreds (NYSE: TPrA) were moving down 74 cents to $22.86 with about 100,000 shares trading.
Meanwhile, real estate investment trust AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was receiving its requisite haircut.
The preferreds (Nasdaq: AGNCP) were falling $1.10 to $16.65 on volume of about 69,000 shares.
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