Morning Commentary: Tsakos preferreds start higher; Stifel lower; Qwest $25-pars dip

By James McCandless

San Antonio, Feb. 26 – The preferred market saw a slight rise early Tuesday as the Wells Fargo Hybrid & Preferred Securities Financial index started up 0.02%.

Leading the secondary, shipping name Tsakos Energy Navigation Ltd.’s 9.25% series E and 9.5% series F fixed-to-floating rate cumulative redeemable perpetual preferreds were both higher at the start of activity.

The series E preferreds (NYSE: TNPPrE) were up 13 cents to $22.39 on volume of about 79,000 shares.

The series F preferreds (NYSE: TNPPrF) were up 19 cents to $22.62 on volume of about 46,000 shares.

Elsewhere, in the finance space, Stifel Financial Corp.’s recent 6.25% series B non-cumulative preferred shares were falling.

The preferreds, trading under the temporary symbol “SFEIP,” were down by 7 cents to $25.11 with about 60,000 shares trading.

Sector peer People’s United Financial, Inc.’s 5.625% series A fixed-to-floating rate non-cumulative perpetual preferred stock were inching upward.

The preferreds (Nasdaq: PBCTP) added 1 cent to $24.12 on volume of about 47,000 shares.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock followed the positive trend.

The preferreds (NYSE: JPMPrD) opened up 5 cents to $25.38 with about 43,000 shares trading.

Telecom name Qwest Corp.’s 6.5% notes due 2056 were on the negative side to open the session.

The notes (NYSE: CTBB) were down 3 cents to $22.92 on volume of about 40,000 notes.

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