Morning Commentary: Qwest’s $25-par notes mixed in early trading; U.S. Bancorp better

By James McCandless

San Antonio, Aug. 22 – Qwest Corp., a wholly owned subsidiary of CenturyLink, Inc., saw three $25-par notes trading mixed early Wednesday.

The company’s notes have been trending upward since Monday, when it issued a redemption notice for $1.34 billion in total of its 7.5% notes due 2051, two series of 7% notes due 2052 and 7.25% debentures due 2035.

Qwest’s existing 6.5% notes due 2056 (NYSE: CTBB) were down 12 cents to $23.38 on volume of about 164,000 notes.

The 6.875% notes due 2054 (NYSE: CTV) were up 14 cents to $24.77 on volume of about 126,000 notes.

The 6.125% notes due 2053 (NYSE: CTY) were level at $22.50 on volume of about 124,000 notes.

U.S. Bancorp’s recent $575 million of 5.5% series K non-cumulative perpetual preferred stock was seen gaining in early trading.

The preferreds (NYSE: USBPrP) were up 6 cents to $25.34 with about 116,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.02% in early trading after a 0.07% rise on Tuesday.

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