Morning Commentary: AmTrust falls; Deutsche Bank declines; Qwest’s $25-par notes lower

By James McCandless

San Antonio, Dec. 10 – The preferred space opened a new week with low trading volume as the Wells Fargo Hybrid & Preferred Securities Financial index sank 0.56%.

Leading secondary trading volume, insurance name AmTrust Financial Services, Inc.’s 6.95% series F non-cumulative preferred stock moved lower.

The preferreds (NYSE: AFSIPrF) fell 80 cents to $12.05 on volume of about 92,000 shares.

The company was recently taken private in a $2.7 billion acquisition from Stone Point Capital.

Elsewhere in the insurance space, Maiden Holdings Ltd.’s 8.25% series A non-cumulative preference shares were also declining.

The preferreds (NYSE: MHPrA) started the day down 10 cents to $8.15 with about 24,000 shares trading.

Meanwhile, in finance, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds opened in negative territory.

The preferreds (NYSE: GSPrD) were down 3 cents to $18.34 on volume of about 57,000 shares.

Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities and Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were both down to start the session.

The 8.05% securities (NYSE: DKT) declined 17 cents to $24.78 with about 54,000 shares trading.

The 6.55% securities (NYSE: DXB) fell by 18 cents to $22.72 with about 36,000 shares trading.

Telecom name Qwest Corp.’s 6.5% notes due 2056 followed Monday morning’s negative trend.

The notes (NYSE: CTBB) were lower by 30 cents to $19.92 on volume of about 54,000 notes.

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