Morning Commentary: Capital One preferreds lower; AGNC sinks; AT&T $25-par notes dip

By James McCandless

San Antonio, April 15 – The preferred market started the middle of the week with a loss amid negative economic data as the Wells Fargo Hybrid & Preferred Securities Financial index began down by 1.30%.

Leading early secondary trading volume, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock was under pressure.

The preferreds (NYSE: COFPrI) were down 37 cents to $22.15 on volume of about 60,000 shares.

Elsewhere in the finance space, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock was also trailing.

The preferreds (NYSE: WFCPrQ) were losing 20 cents to $24.82 with about 52,000 shares trading.

Real estate investment trust AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds were following the morning’s trend.

The preferreds (Nasdaq: AGNCO) were dipping 57 cents to $20.21 on volume of about 53,000 shares.

In telecom, AT&T Inc.’s 5.35% global notes due 2066 started on the negative side.

The notes (NYSE: TBB) were shaving off 3 cents to $25.80 with about 51,000 notes trading.

Sector peer Qwest Corp.’s 6.5% notes due 2056 were pushed lower as the session kicked off.

The notes (NYSE: CTBB) were declining by 51 cents to $22.67 on volume of about 49,000 notes.

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