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Morning Commentary: KeyCorp positive; Duke Energy improves; Qwest $25-par notes up
By James McCandless
San Antonio, April 26 – Early preferred stock secondary trading on Friday was mixed with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.02%.
Leading early activity, KeyCorp’s new 5.625% series G non-cumulative redeemable preferred shares started the session positive.
The preferreds, trading under the temporary symbol “KEYLL,” were up 3 cents to $24.93 on volume of about 179,000 shares.
Elsewhere in finance, Regions Financial Corp.’s new 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds were declining.
The preferreds, trading under the temporary symbol “RXFCL,” were down 3 cents to $25.37 with about 90,000 shares trading.
JPMorgan Chase & Co.’s 5.75% series D non-cumulative preferred stock saw an early gain.
The preferreds (NYSE: JPMPrD) started up by 2 cents to $26.42 on volume of about 45,000 shares.
Meanwhile, in utilities, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds were improving at the open.
The preferreds (NYSE: DUKPrA) added 4 cents to $25.84 with about 37,000 shares trading.
Communications name Qwest Corp.’s 6.5% notes due 2056 were also on the positive side.
The notes (NYSE: CTBB) were slightly higher by 1 cent to $22.81 on volume of about 26,000 notes.
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