Morning Commentary: Energy Transfer rises; KeyCorp dips; AT&T $25-par notes weaken

By James McCandless

San Antonio, May 7 – The preferred space opened with a continuation of Monday’s overall negative trend as the Wells Fargo Hybrid & Preferred Securities Financial index began lower by 0.07%.

Leading trading though not following that trend, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were slightly higher as the session started.

The preferreds (NYSE: ETPPrE) were up 3 cents to $24.84 on volume of about 157,000 shares.

Meanwhile, in the finance space, KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds were on the negative side at the open.

The preferreds (NYSE: KEYPrK) edged 1 cent lower to $25.07 with about 34,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 6% series EE and 5.75% series DD non-cumulative preferreds were both relatively active but mixed Tuesday morning.

The series EE preferreds (NYSE: JPMPrC) were level so far at $26.40 on volume of about 30,000 shares.

The series DD preferreds (NYSE: JPMPrD) were off by 3 cents to $26.18 on volume of about 19,000 shares.

Goldman Sachs Group, Inc.’s series A floating-rate non-cumulative preferred stock was also being pushed under.

The preferreds (NYSE: GSPrA) were down 11 cents to $19.43 with about 21,000 shares trading.

Elsewhere, in telecom, AT&T, Inc.’s 5.35% global notes due 2066 opened the session negative.

The notes (NYSE: TBB) were off by 2 cents to $25.23 on volume of about 18,000 notes.

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