Annaly Capital preferreds decline; State Street weakens; Qwest $25-par notes higher

By James McCandless

San Antonio, July 3 – Top traders in the preferred space were mixed amid a rising broader market on a shortened pre-holiday trading session.

Real estate investment trust Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock declined.

Sector peer AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds gained.

Meanwhile, in finance, State Street Corp.’s 5.9% series D fixed-to-floating rate non-cumulative preferreds saw a weak day.

U.S. Bancorp’s 6.5% series F non-cumulative perpetual preferred stock improved.

Elsewhere, in communications, Qwest Corp.’s 6.5% notes due 2056 ended the session higher.

Annaly Capital off

Leading trading on a short day ahead of the Fourth of July holiday, Annaly Capital’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock saw a decline.

The preferreds (NYSE: NYPrI) were down 3 cents to close at $25.07 on volume of about 274,000 shares.

On Tuesday, the preferreds picked up 7 cents.

Sector peer AGNC’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds spent the day gaining.

The preferreds (Nasdaq: AGNCM) added 10 cents to close at $25.31 with about 110,000 shares trading.

State Street weaker

Meanwhile, in the finance space, State Street’s 5.9% series D fixed-to-floating rate non-cumulative preferreds saw a weak day.

The preferreds (NYSE: STTPrD) shaved off 2 cents to $26.48 on volume of about 262,000 shares.

U.S. Bancorp’s 6.5% series F non-cumulative perpetual preferred stock was better by the end of the trading day.

The preferreds (NYSE: USBPrM) improved by 15 cents to close at $27.18 with about 142,000 shares trading.

Qwest higher

Elsewhere, in communications, Qwest’s 6.5% notes due 2056 ended the session higher.

The notes (NYSE: CTBB) were up 6 cents to close at $23.41 on volume of about 119,000 notes trading.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.11% to end the day, climbing back up from a 0.06% decline in early Wednesday activity.

The iShares US Preferred Stock ETF was up 7 cents to $36.96.

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