Morning Commentary: Qwest $25-par notes improve; SoCal Edison gains; Deutsche Bank up

By James McCandless

San Antonio, July 29 – The preferred market opened up a new week with modest positivity as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.03%.

Leading early activity, communications name Qwest Corp.’s 6.5% notes due 2056 were on the rise at the beginning of the session.

The notes (NYSE: CTBB) were up 8 cents to $24.39 on volume of about 70,000 notes.

Meanwhile, utilities name Southern California Edison, a subsidiary of Edison International, saw its 5.75% cumulative fixed-to-floating rate trust preference securities gain.

The preferreds (NYSE: SCEPrH) were better by 3 cents to $24.80 with about 65,000 shares trading.

In the finance space, Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities followed the early trend.

The preferreds (NYSE: DKT) were rising 2 cents to $25.38 on volume of about 46,000 shares.

Insurance name Allstate Corp.’s 6.625% series E fixed-rate non-cumulative perpetual preferred stock was also improving.

The preferreds (NYSE: ALLPrE) were gaining 3 cents to $25.60 with about 33,000 shares trading.

Elsewhere, in oil and gas, DCP Midstream, LP’s 7.875% series B fixed-to-floating rate cumulative redeemable perpetual preferred units were relatively active but flat so far.

The preferreds (NYSE: DCPPrB) were level at $24.70 on volume of about 32,000 shares.

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