Morning Commentary: Qwest notes skyrocket on redemption notice; Capital One declines

By James McCandless

San Antonio, Aug. 20 – Qwest Corp., a wholly owned subsidiary of CenturyLink, Inc., saw three series of $25-par notes trading up, leading early activity. The company issued redemption notices for four series of notes on Monday morning.

The 7% notes due 2052 (NYSE: CTU) were up $1.92 to $25.27 on volume of about 388,000 shares.

The 6.75% notes due 2057 (NYSE: CTDD) were up 76 cents to $23.23 on volume of about 146,000 shares.

The 6.125% notes due 2053 (NYSE: CTY) were up 79 cents to $21.66 on volume of about 135,000 shares.

Meanwhile, Capital One Financial Corp.’s 6.25% series C fixed rate non-cumulative perpetual preferred stock fell in early trading.

The preferreds (NYSE: COFPrC) were down 10 cents to $25.82 with about 126,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.08% in early trading after closing up 0.09% at the market close on Friday.

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