Morning Commentary: Brookfield preferreds level; Allstate weaker; Qwest $25-pars gain

By James McCandless

San Antonio, Aug. 15 – The preferred market opened Thursday with a modest positive trend as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.06%.

Leading early activity, Brookfield Property Partners LP’s new 6.375% series 2 class A cumulative redeemable perpetual preferred units were active but unchanged.

The preferreds, trading under the temporary symbol “BKOYF,” were level at $25.00 on volume of about 131,000 shares.

Meanwhile, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds saw a slight loss as the session opened.

The preferreds (NYSE: ALLPrH) were down 1 cent to $25.38 with about 67,000 shares trading.

In the communications space, Qwest Corp.’s 6.5% notes due 2056 were improving.

The notes (NYSE: CTBB) were adding 5 cents to $24.70 on volume of about 35,000 notes.

Sector peer AT&T, Inc.’s 5.35% global notes due 2066 were also on the rise.

The notes (NYSE: TBB) were up 6 cents to $26.55 with about 30,000 notes trading.

Elsewhere, in the finance space, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds followed the positive trend.

The preferreds (NYSE: GSPrD) were rising 3 cents to $21.70 on volume of about 30,000 shares.

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