Energy Transfer preferreds weaken; Spire declines; Deutsche Bank preferreds improve

By James McCandless

San Antonio, May 30 – Despite the broader preferred market’s rise throughout the Thursday session, volume leaders were mixed again.

Oil and gas name Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units ended weaker, leading trading.

The preferreds (NYSE: ETPPrE) were down 2 cents to close at $24.64 on volume of about 1 million shares.

Elsewhere, in utilities, Spire Inc.’s 5.9% series A cumulative redeemable perpetual preferreds also declined.

The preferreds (NYSE: SRPrA) declined 3 cents to close at $25.90 with about 382,000 shares trading.

Meanwhile, in finance, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities improved.

The preferreds (NYSE: DXB) gained 5 cents to close at $24.56 on volume of about 228,000 shares.

Sector peer KeyCorp’s 5.625% fixed-rate perpetual non-cumulative preferreds finished slightly under water.

The preferreds (NYSE: KEYPrK) slipped 2 cents to close at $25.31 with about 222,000 shares trading.

Insurance provider American International Group, Inc.’s 5.85% series A non-cumulative perpetual preferred stock gained.

The preferreds (NYSE: AIGPrA) added 25 cents to close at $26.33 on volume of about 207,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.20% at the close, bolstering a 0.18% rise from early Thursday trading.

The iShares US Preferred Stock ETF was up 5 cents to $36.65.

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