Morning Commentary: Preferreds open trading with muted moves; Qwest $25-pars active

By James McCandless

San Antonio, July 10 – The preferred market began Friday with a mildly positive tone as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.03%.

Leading early Friday secondary trading, insurance name MetLife, Inc.’s 4.75% series F non-cumulative preferred stock opened on the positive side.

The preferreds (NYSE: METPrF) were up 1 cent to $25.01 on volume of about 140,000 shares.

Elsewhere, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds and its 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock were both slightly lower.

The series Z preferreds (NYSE: WFCPrZ) were shaving off 1 cent to $23.59 with about 35,000 shares trading.

The series Q preferreds (NYSE: WFCPrQ) dipped 1 cent to $24.88 with about 26,000 shares trading.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock kicked off the session rising.

The preferreds (NYSE: BACPrN) were gaining 3 cents to $25.60 on volume of about 26,000 shares.

Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was pushing higher.

The preferreds (NYSE: COFPrJ) were improving by 16 cents to $21.50 with about 26,000 shares trading.

Meanwhile, in communications, Qwest Corp.’s 6.75% notes due 2057 were relatively active but unchanged so far.

The notes (NYSE: CTDD) were holding level at $24.95 on volume of about 23,000 notes.

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