Morning Commentary: Qwest $25-par notes trade lower; Invesco jumps; Wintrust dips

By James McCandless

San Antonio, May 12 – The preferred space opened Tuesday morning on the decline with the Wells Fargo Hybrid & Preferred Securities Financial index starting down by 0.07%.

At the top of morning secondary trading, communications name Qwest Corp.’s 6.5% notes due 2056 were being pushed downward.

The notes (NYSE: CTBB) were off 30 cents to $23.60 on volume of about 78,000 notes.

Sector peer AT&T Inc.’s 4.75% series C perpetual preferred stock started the session under pressure.

The preferreds (NYSE: TPrC) edged 1 cent lower to $23.10 with about 75,000 shares trading.

Meanwhile, real estate investment trust Invesco Mortgage Capital Inc.’s 7.75% series A cumulative redeemable preferreds were jumping higher.

The preferreds (NYSE: IVRPrA) were improving by $3.71 to $18.03 on volume of about 57,000 shares.

After the close on Monday, the company announced quarterly dividend payments on its common and preferred stocks.

In the finance space, Wintrust Financial Corp.’s new 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock was taking a dip.

The preferreds, trading under the temporary symbol “WTFNL,” were shaving off 9 cents to $25.00 on volume of about 45,000 shares.

Elsewhere, insurance provider Brighthouse Financial, Inc.’s 6.6% series A non-cumulative perpetual preferred stock was on the rise.

The preferreds (Nasdaq: BHFAP) were adding 8 cents to $25.15 on volume of about 33,000 shares.

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