Morning Commentary: Citigroup preferreds trade mixed; Qwest’s $25-par notes edge lower

By James McCandless

San Antonio, Dec. 13 – The Wells Fargo Hybrid & Preferred Securities Financial index opened 0.08% lower Thursday morning.

A volume leader in early trading, Citigroup Inc.’s 7.875% fixed-to-floating rate trust preferreds and its 6.875% series K fixed-to-floating rate non-cumulative preferreds were mixed at the start of the session.

The 7.875% preferreds (NYSE: CPrN) were up 7 cents to $26.21 on volume of about 129,000 shares.

The series K preferreds (NYSE: CPrK) started down by 4 cents to $25.88 on volume of about 56,000 shares.

Elsewhere in finance, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds fell early.

The preferreds (NYSE: GSPrD) were down 14 cents to $18.23 with about 64,000 shares trading.

Meanwhile, in utilities, NiSource Inc.’s recent $500 million series B fixed-rate reset cumulative redeemable perpetual preferred stock was active but level.

The preferreds, trading under the temporary symbol “NISOP,” were flat at $24.97 on volume of about 64,000 shares.

In the telecom space, Qwest Corp.’s 6.5% notes due 2056 were also lower.

The notes (NYSE: CTBB) were down 2 cents to $19.99 with about 47,000 shares trading.

AT&T, Inc.’s 5.35% global notes due 2066 traded down at the Thursday start.

The notes (NYSE: TBB) fell 4 cents to $22.55 on volume of about 44,000 notes.

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