Morning Commentary: Qwest’s $25-par notes decline; Bank of America preferreds dip

By James McCandless

San Antonio, Aug. 27 – Qwest Corp.’s $25-par notes opened lower to kick off the week’s trading following the prior week’s announcement of planned debt repayments by the issuer.

Qwest’s existing 6.5% notes due 2056 (NYSE: CTBB) were down 11 cents to $23.45 with about 79,000 notes trading on Monday.

A week earlier, 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.

Meanwhile, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock was also seen trading down.

The preferreds (BACPrK) were off 1 cent to $25.51 on volume of about 79,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.06% in early trading after gaining 0.19% at market close on Friday.

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