Morning Commentary: Capital One rises; PS Business Parks cracks; Qwest $25-par notes up

By James McCandless

San Antonio, Oct. 24 – The preferred space continued this week’s positivity with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.06%.

Leading secondary volume, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock began the session rising.

The preferreds (NYSE: COFPrI) were up 2 cents to $25.24 on volume of about 218,000 shares.

Elsewhere in the finance space, Citizens Financial Group, Inc.’s new 5% series E fixed-rate non-cumulative perpetual preferred stock was under pressure.

The preferreds, trading under the temporary symbol “CFGZL,” were declining by 3 cents to $25.06 with about 79,000 shares trading.

Real estate investment trust PS Business Parks, Inc.’s 5.75% series U cumulative preferred stock was cratering early.

The preferreds (NYSE: PSBPrU) were falling 49 cents to $25.31 on volume of about 188,000 shares.

Meanwhile, in communications, Qwest Corp.’s 6.5% notes due 2056 were following a positive track as the morning kicked off.

The notes (NYSE: CTBB) were adding 4 cents to $25.49 with about 68,000 notes trading.

Utilities name Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities moving upward.

The preferreds (NYSE: SCEPrL) were picking up 15 cents to $23.80 on volume of about 36,000 shares.

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