JPMorgan preferreds improve; Qwest $25-par notes strengthen; AGNC finishes weaker

By James McCandless

San Antonio, July 29 – The preferred space started a new week continuing last week’s positive run though top traders were mixed.

Leading the way, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds saw a sustained rise.

Elsewhere in finance, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities closed lower.

Sector peer Morgan Stanley’s 6.875% series F fixed-to-floating rate non-cumulative preferreds also declined.

Meanwhile, in communications, Qwest Corp.’s 6.5% notes due 2056 saw a positive push in the Monday session.

And AGNC Investment Corp.’s 7% series C fixed-to-floating rate cumulative redeemable preferred stock weakened.

JPMorgan rises

Leading the day’s preferred trading, JPMorgan’s 6% series EE non-cumulative preferreds saw a sustained rise throughout the session.

The preferreds (NYSE: JPMPrC) were up 15 cents to close at $27.40 on volume of about 305,000 shares.

On Friday, the preferreds dipped 9 cents.

Elsewhere in the finance space, Citigroup’s 7.875% fixed-to-floating rate trust preferred securities closed the day negative.

The preferreds (NYSE: CPrN) declined by 2 cents to end at $27.32 with about 244,000 shares trading.

On Friday, the preferreds added 4 cents.

Sector peer Morgan Stanley’s 6.875% series F fixed-to-floating rate non-cumulative preferreds were also in decline.

The preferreds (NYSE: MSPrF) lost 3 cents to close at $28.23 on volume of about 193,000 shares.

Qwest better

Meanwhile, in communications, Qwest’s 6.5% notes due 2056 saw a positive push in the session.

The notes (NYSE: CTBB) improved by 14 cents to close at $24.45 with about 209,000 notes trading.

On Friday, the notes rose 13 cents.

AGNC weaker

Real estate investment trust AGNC’s 7% series C fixed-to-floating rate cumulative redeemable preferred stock closed weaker.

The preferreds (Nasdaq: AGNCN) were down 12 cents to finish at $26.00 on volume of about 175,000 shares.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day up by 0.36%, surpassing the 0.03% rise in early Monday trading.

The iShares US Preferred Stock ETF was up 9 cents to $37.41.

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