Morning Commentary: American Equity tops par; BancorpSouth lower; Energy Transfer up

By James McCandless

San Antonio, Nov. 15 – The preferred market started the last day of the week relatively flat with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.01%.

At the top of early trading on its first day, annuities name American Equity Investment Life Holding Co.’s new $400 million 5.95% series A fixed-rate reset non-cumulative preferred stock was seen moving above par.

The preferreds, trading under the temporary symbol “AQYVL,” were trading at $25.44 on volume of about 1.5 million shares.

Meanwhile, in the financial services space, BancorpSouth Bank’s new 5.5% series A non-cumulative perpetual preferred stock was losing ground.

The preferreds, trading under the temporary symbol “BCSBP,” were losing 6 cents to $24.90 with about 146,000 shares trading.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were moving higher.

The preferreds (NYSE: COFPrI) were adding 8 cents to close at $24.91 on volume of about 78,000 shares.

Ally Financial’s 8.125% series 2 fixed-to-floating rate trust preferred securities took a slight dip as the morning began.

The preferreds (NYSE: ALLYPrA) were losing 1 cent to $25.95 with about 77,000 shares trading.

Elsewhere, in oil and gas, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units received a boost.

The preferreds (NYSE: ETPPrE) were shooting up 25 cents to $24.82 on volume of about 101,000 shares.

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