Digital Realty closes under par; Qwest $25-par notes trade lower; U.S. Bancorp rises

By James McCandless

San Antonio, March 5 – While the preferred space trended higher, top-trading securities were mostly lower on Tuesday.

Digital Realty Trust, Inc.’s new $200 million 5.85% series K cumulative redeemable preferred stock closed its first day below par.

The preferreds, trading under the temporary symbol “DLRPO,” were seen closing at $24.90 on volume of about 3.6 million shares.

Elsewhere in the REIT space, Public Storage’s recent 5.6% series H cumulative preferred shares ended lower.

The preferreds, trading under the temporary symbol “PSALL,” lost 2 cents to close at $25.08 with about 483,000 shares trading.

AGNC Investment Corp.’s recent 6.875% series D fixed-to-floating rate cumulative redeemable preferreds were also on a negative trend.

The preferreds, trading under the temporary symbol “AGNCO,” declined by 7 cents to close at $24.80 on volume of about 461,000 shares.

Meanwhile, Qwest Corp.’s 6.5% notes due 2056 declined.

The notes (NYSE: CTBB) lost 18 cents to close at $21.20 with about 399,000 notes trading.

Finance name U.S. Bancorp’s 6.5% series F non-cumulative perpetual preferreds were a bright spot.

The preferreds (NYSE: USBPrM) added 8 cents to close at $27.64 on volume of about 355,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index shot up 0.44% at the close. The iShares US Preferred Stock ETF was up 1 cent to $36.30.

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