Argo Group preferreds below par; National General jumps; Qwest $25-par notes slip

By James McCandless

San Antonio, July 8 – Volume leaders in the preferred space ended Wednesday with mixed results while the overall market finished with a net gain.

On its first day in the secondary, Argo Group International Holdings, Ltd. new $150 million 7% series A resettable fixed-rate preference shares closed at $24.65 on volume of about 1.3 million shares.

Sector peer National General Holdings Corp.’s 7.5% series C non-cumulative preferreds improved by $1.70 to close at $25.66 with about 569,000 shares trading.

Meanwhile, communications name Qwest Corp.’s 6.875% notes due 2054 shaved off 3 cents to close at $25.14 on volume of about 514,000 shares.

In the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities gained 65 cents to close at $23.64 with about 227,000 shares trading.

Elsewhere, utilities provider Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferreds lost 71 cents to close at $3.17 on volume of about 224,000 shares.

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