Morning Commentary: Annaly Capital, Carlyle Group lower; Qwest $25-par notes weaken

By James McCandless

San Antonio, July 3 – The preferred market opened a holiday-shortened trading session lower with the Wells Fargo Hybrid & Preferred Securities Financial index starting down by 0.06%.

Leading early trading, Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock started the session lower.

The preferreds (NYSE: NLYPrI) were down 1 cent to $25.09 on volume of about 53,000 shares.

Meanwhile, asset manager Carlyle Group LP’s 5.875% series A non-cumulative preferred units were also down.

The preferreds (Nasdaq: TCGP) fell 4 cents to $25.15 with about 36,000 shares trading.

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

The notes (NYSE: CTBB) gave back 5 cents to $23.30 on volume of about 27,000 notes.

Real estate investment trust AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds started weaker.

The preferreds (Nasdaq: AGNCM) were off by 1 cent to $25.20 with about 27,000 shares trading.

Elsewhere, in the finance space, Bank of America Corp.’s 6% series EE non-cumulative preferred stock saw a dip as Wednesday started.

The preferreds (NYSE: BACPrA) were down 10 cents to $26.40 on volume of about 24,000 shares.

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