Morning Commentary: Citigroup falls; AGNC preferreds jump up; Qwest $25-par notes gain

By James McCandless

San Antonio, March 19 – Although top traders in the preferred space varied, the overall market was under pressure with the Wells Fargo Hybrid & Preferred Securities Financial index down by 6.22% so far.

Leading early secondary trading volume, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were falling.

The preferreds (NYSE: CPrN) were down 63 cents to $22.27 on volume of about 232,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was also declining.

The preferreds (NYSE: JPMPrC) were losing $1.24 to $23.17 with about 198,000 shares trading.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were also trailing.

The preferreds (NYSE: WFCPrZ) were declining by 7 cents to $16.26 on volume of about 169,000 shares.

Real estate investment trust AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferred stock was shooting higher.

The preferreds (Nasdaq: AGNCP) were improving by $2.35 to $12.25 with about 158,000 shares trading.

Meanwhile, communications name Qwest Corp.’s 6.5% notes due 2056 were also tracking positively.

The notes (NYSE: CTBB) were rising $1.09 to $13.80 on volume of about 105,000 notes.

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