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Morning Commentary: AllianzGI fund’s new preferreds trade up; Qwest’s $25-par notes drop
By James McCandless
San Antonio, Sept. 7 – AllianzGI Convertible & Income Fund II’s new $109 million of 5.5% series A cumulative preferred shares were seen improving in early activity, leading trading toward the end of the short week.
The preferreds, trading under the temporary symbol “NCZIP,” were up 5 cents to $24.85 on volume of about 108,000 shares.
Qwest Corp.’s $25-par notes declined in early trading, bucking a positive trend set on Aug. 20 when a redemption notice was issued 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 6.5% notes due 2056 (NYSE: CTBB) were down 5 cents to $23.92 with about 90,800 notes trading.
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.29% in early trading, compounding a 0.15% loss on Thursday.
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