Morning Commentary: Legg Mason $25-par notes lower; Qwest higher; Deutsche Bank gains

By James McCandless

San Antonio, May 28 – The preferred space opened a short week positive as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.10%.

Leading early trading volume, asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 began the session slightly lower.

The $25-par notes (NYSE: LMHB) were down 3 cents to $24.72 on volume of about 51,000 notes.

Elsewhere, in communications, Qwest Corp.’s 6.5% notes due 2056 followed the market’s upward swing.

The $25-par notes (NYSE: CTBB) gained 4 cents to $23.08 with about 49,000 notes trading.

Meanwhile, in finance, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities opened the session better.

The preferreds (NYSE: DXB) added 3 cents to $24.73 on volume of about 49,000 shares.

Sector peer KeyCorp’s 5.625% series G fixed-rate perpetual non-cumulative preferreds were also positive.

The preferreds (NYSE: KEYPrK) picked up 6 cents to $25.21 with about 47,000 shares trading.

Shipping name Tsakos Energy Navigation Ltd.’s 9.25% series E and 9.5% series F fixed-to-floating rate cumulative redeemable perpetual preferreds were both gaining early.

The series E preferreds (NYSE: TNPPrE) were up 15 cents to $21.22 on volume of about 44,000 shares.

The series F preferreds (NYSE: TNPPrF) were up 16 cents to $21.73 on volume of about 43,000 shares.

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