Morning Commentary: Bank of America higher; Qwest $25-par notes rise; Annaly Capital up

By James McCandless

San Antonio, June 27 – As Thursday’s session started, the preferred space was improving with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.10%.

Leading early trading activity, Bank of America Corp.’s 6.625% series W non-cumulative preferred stock was slightly higher.

The preferreds (NYSE: BACPrW) were up 1 cent to $25.37 on volume of about 83,000 shares.

Sector peer Wells Fargo & Co.’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferreds saw a negative start.

The preferreds (NYSE: WFCPrR) were down 3 cents to $28.35 with about 59,000 shares trading.

In communications, Qwest Corp.’s 6.5% notes due 2056 were also on the rise.

The notes (NYSE: CTBB) improved by 7 cents to $23.32 on volume of about 79,000 notes.

Meanwhile, asset manager Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferred stock was positive.

The preferreds (NYSE: NLYPrF) gained 5 cents to $25.35 with about 75,000 shares trading.

Employee benefits name Voya Financial, Inc.’s 5.35% series B fixed-rate reset non-cumulative preferreds were trending upward.

The preferreds (NYSE: VOYAPrB) were better by 1 cent to $25.31 on volume of about 63,000 shares.

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