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Energy Transfer preferreds weaken; Regions Financial dips; Duke Energy preferreds down
By James McCandless
San Antonio, May 7 – The preferred market saw negative returns for the second day in a row on Tuesday.
Leading trading volume again, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units closed lower.
Meanwhile, in finance, Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds saw a dip.
Sector peer KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds declined.
Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the negative trend.
Elsewhere, in utilities, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was pushed downward.
Energy Transfer lower
In the top volume position for the second day in a row, Energy Transfer’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units once again led the market in a negative direction.
The preferreds (NYSE: ETPPrE) were down 5 cents to close at $24.76 on volume of about 525,000 shares.
On Monday, the preferreds fell 4 cents.
Regions dips
Meanwhile, in the finance space, Regions Financial’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds saw a dip by the end of the session.
The preferreds (NYSE: RFPrC) sank 14 cents to close at $25.30 with about 268,000 shares trading.
Sector peer KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds also declined.
The preferreds (NYSE: KEYPrK) lost 14 cents to close at $24.94 on volume of about 237,000 shares.
On Monday, the preferreds dropped 5 cents.
Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the day’s negative trend.
The preferreds (NYSE: ALLYPrA) shaved off 3 cents to close at $26.37 with about 202,000 shares trading.
On Monday, the preferreds gained 1 cent.
Duke Energy falls
Elsewhere, in utilities, Duke Energy’s 5.75% series A cumulative redeemable perpetual preferred stock was also pushed downward.
The preferreds (NYSE: DUKPrA) were off 4 cents to $26.11 on volume of about 231,000 shares trading.
Indexes down
The Wells Fargo Hybrid & Preferred Securities Financial index finished the session down by 0.16%, more than doubling the 0.07% decline from early Tuesday activity.
The iShares US Preferred Stock ETF was down 15 cents to $36.35.
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