Stifel’s new preferreds close above par; Morgan Stanley gains; Qwest $25-par notes up

By James McCandless

San Antonio, Feb. 22 – The preferred space capped off the short week largely positive.

Leading trading, Stifel Financial Corp.’s new $150 million 6.25% series B non-cumulative preferred stock closed above par.

Elsewhere in finance, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds also improved.

JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock edged higher.

In communications, Qwest Corp.’s 6.5% notes due 2056 also followed the positive trend.

Shipping name Tsakos Energy Navigation Ltd.’s 9.25% series E fixed-to-floating rate cumulative redeemable perpetual preferreds gained.

Stifel above par

At the end of its first day of trading, Stifel’s new $150 million 6.25% series B non-cumulative preferred stock closed Friday above par.

The preferreds, trading under the temporary symbol “SFEIP,” were seen closing at $25.22 on volume of about 1.1 million shares.

The deal priced on Thursday.

Elsewhere in the finance space, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds improved.

The preferreds (NYSE: MSPrK) picked up 6 cents to close at $25.53 with about 707,000 shares trading.

JPMorgan’s 6% series EE non-cumulative preferred stock edged higher by the end of the session.

The preferreds (NYSE: JPMPrC) added 3 cents to $26.03 on volume of about 368,000 shares.

On Thursday, the preferreds were level.

Qwest up

Meanwhile, in the communications space, Qwest’s 6.5% notes due 2056 followed the market’s positive trend.

The notes (NYSE: CTBB) saw a 36 cent boost to close at $22.86 with about 315,000 notes trading.

Tsakos gains

Shipping name Tsakos’ 9.25% series E fixed-to-floating rate cumulative redeemable perpetual preferreds were also gaining.

The preferreds (NYSE: TNPPrE) were up 8 cents to close at $21.76 on volume of about 265,000 shares.

On Thursday, the preferreds shot up $1.13.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.02% at the week’s close, reversing a 0.05% gain in early trading on Friday.

The iShares US Preferred Stock ETF was up 8 cents to $36.22.

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