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U.S. Bancorp; Bank of America preferreds trade lower; Qwest’s $25-par notes mixed
By James McCandless
San Antonio, Aug. 23 – The preferred market continued to focus on newer issues in the tail end of the week.
U.S. Bancorp’s recent $575 million of 5.5% series K non-cumulative perpetual preferred stock declined, leading secondary trading.
Bank of America Corp.’s 5.875% series HH non-cumulative perpetual preferred stock also fell.
Qwest Corp., a wholly owned subsidiary of CenturyLink, Inc., saw three of its $25-par note issues trade mixed.
U.S. Bancorp dips
U.S. Bancorp’s recent $575 million of 5.5% series K non-cumulative perpetual preferred stock declined in Thursday trading, leading the secondary space.
The preferreds (NYSE: USBPrP) were down 4 cents to close at $25.27 on volume of about 760,000 shares.
On Wednesday, the preferreds added 3 cents.
Bank of America loses
Bank of America’s 5.875% series HH non-cumulative perpetual preferred stock also fell.
The preferreds (NYSE: BACPrK) were down 6 cents to close at $25.47 with about 357,000 shares trading.
On Wednesday, the preferreds rose 4 cents.
Qwest mixed
Three of Qwest’s $25-par notes were mixed in trading. On Monday, the company issued a redemption notice for $1.34 billion in total of its 7.5% notes due 2051, two series of 7% notes due 2052 and 7.25% debentures due 2035.
Qwest’s existing 6.75% notes due 2057 (NYSE: CTDD) were up 5 cents to close at $24.06 on volume of about 279,000 notes.
The 6.5% notes due 2056 (NYSE: CTBB) edged 1 cent lower to close at $23.43 on volume of about 259,000 notes.
The 6.125% notes due 2053 (NYSE: CTY) were up 2 cents to close at $22.42 on volume of about 198,000 notes.
Indexes down
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.02% at market close after a 0.06% decline in early trading Thursday.
The iShares US Preferred Stock ETF was off 3 cents to $37.61.
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