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Morning Commentary: Digital Realty near par; Qwest $25-par notes weaken; Stifel lower
By James McCandless
San Antonio, March 5 – Tuesday’s open in the preferred space saw a broad decline across the spectrum with the Wells Fargo Hybrid & Preferred Securities Financial index down 0.10%.
Digital Realty Trust, Inc.’s new $200 million 5.85% series K cumulative redeemable preferred stock was hovering around par on its first trading day.
The preferreds, trading under the temporary symbol “DLRPO,” were spotted at $24.99 on volume of about 2.1 million shares.
The deal priced on Monday.
Elsewhere in the real estate investment trust space, Public Storage’s recent 5.6% series H cumulative preferred shares were in decline at the open.
The preferreds, trading under the temporary symbol “PSALL,” fell 5 cents to $25.05 with about 239,000 shares trading.
In the communications space, Qwest Corp.’s 6.5% notes due 2056 and 6.125% notes due 2053 both saw large drops to start the session.
The 6.5% notes (NYSE: CTBB) fell 48 cents to $20.90 on volume of about 187,000 notes.
The 6.125% notes (NYSE: CTY) declined by 59 cents to $20.92 on volume of about 58,000 notes.
Early Tuesday, Qwest’s parent company, CenturyLink, informed the Securities and Exchange Commission that it had recently found material weaknesses in its accounting of assets and liabilities connected with its recent acquisition of Level 3 Communications.
In finance, Stifel Financial Corp.’s 6.25% series B non-cumulative preferred stock also went negative.
The preferreds, trading under the temporary symbol “SFEIP,” were down 7 cents to $25.16 with about 111,000 shares trading.
Sector peer JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was rising.
The preferreds (NYSE: JPMPrD) were up 3 cents to $25.71 on volume of about 76,000 shares.
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