Morning Commentary: New Residential above par; Allstate rises; Citigroup improving

By James McCandless

San Antonio, Aug. 9 – The preferred market was trending higher early Friday with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.13%.

Leading early trading, New Residential Investment Corp.’s new $250 million 7.125% series B fixed-to-floating rate cumulative redeemable preferred stock was seen just above par.

The preferreds, trading under the temporary symbol “NRZEP,” were seen trading at $25.02 on volume of about 948,000 shares.

The deal priced on Thursday.

Meanwhile, in the insurance space, Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock was rising early.

The preferreds (NYSE: ALLPrH) were up 4 cents to $25.34 with about 97,000 shares trading.

Sector peer Aspen Insurance Holdings Ltd.’s new 5.625% non-cumulative preferred shares were relatively active but flat so far.

The preferreds, trading under the temporary symbol “AHLNF,” were holding at $25.21 on volume of about 47,000 shares.

Elsewhere, in the finance space, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were improving.

The preferreds (NYSE: CPrN) were higher by 3 cents to $27.08 with about 58,000 shares trading.

Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were slightly positive.

The preferreds (NYSE: ETPPrE) were adding 1 cent to $24.76 on volume of about 56,000 shares.

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