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Morning Commentary: Ellington tops par; Capital One positive; Qwest $25-par notes dip
By James McCandless
San Antonio, Oct. 17 – The preferred market saw a downward turn with the Wells Fargo Hybrid & Preferred Securities Financial index lower by 0.06%.
On its first day of activity, mortgage name Ellington Financial Inc.’s new $100 million 6.75% series A fixed-to-floating rate cumulative redeemable preferred stock was trading above par.
The preferreds, trading under the temporary symbol “EGLLP,” were seen at $25.26 on volume of about 366,000 shares.
Meanwhile, in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock began the day positively.
The preferreds (NYSE: COFPrI) were gaining 2 cents to $25.09 with about 88,000 shares trading.
Sector peer Bank of America Corp.’s 5% series LL and 6% series GG non-cumulative preferreds saw diverging movements.
The series LL preferreds (NYSE: BACPrN) were better by 1 cent to $25.76 on volume of about 47,000 shares.
The series GG preferreds (NYSE: BACPrB) were declining by 13 cents to $27.44 on volume of about 28,000 shares.
Regions Financial Corp.’s 5.7% series C fixed-to-floating rate non-cumulative perpetual preferreds were under water Thursday morning.
The preferreds (NYSE: RFPrC) were losing 9 cents to $27.74 with about 40,000 shares trading.
After the Wednesday close, the company declared quarterly dividends for its common stock and three series of preferred stock, including the series C preferreds.
In communications, Qwest Corp.’s 6.5% notes due 2056 also started in negative territory.
The notes (NYSE: CTBB) were down 5 cents to $25.30 on volume of about 25,000 notes.
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