Morning Commentary: New Residential positive; Allstate lower; Qwest $25-pars improve

By James McCandless

San Antonio, Aug. 29 – The preferred session opened with a positive tone in most sectors with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.19%.

At the top of early activity, real estate investment trust New Residential Investment Corp.’s 7.125% series B fixed-to-floating rate cumulative redeemable preferreds began better.

The preferreds (NYSE: NRZPrB) were up 4 cents to $25.02 on volume of about 184,000 shares.

Sector peer Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferreds were also on the rise.

The preferreds (NYSE: PEIPrC) were gaining 14 cents to $19.50 with about 49,000 shares trading.

Meanwhile, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferred stock opened the session negative, against the morning trend.

The preferreds (NYSE: ALLPrH) were off 2 cents to $26.03 on volume of about 134,000 shares.

In the communications space, Qwest Corp.’s 6.75% notes due 2057 were modestly improving.

The notes (NYSE: CTDD) were adding 3 cents to $25.21 with about 78,000 notes trading.

Real estate developer Brookfield Property Partners LP’s 6.375% series 2 cumulative redeemable perpetual preferred units were also trending higher.

The preferreds (Nasdaq: BPYPO) were moving up 7 cents to $25.50 on volume of about 49,000 shares.

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