Morning Commentary: Deutsche Bank improves; Annaly Capital slightly up; Qwest $25-par notes flat

By James McCandless

San Antonio, July 12 – Nearing the end of the week, the preferred space started slightly lower with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.01%.

Leading the morning’s activity, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were seen improving.

The preferreds (NYSE: DXB) were up 9 cents to $24.66 on volume of about 70,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 6% series EE and 6.125% series Y non-cumulative preferreds were both declining at the open.

The series EE preferreds (NYSE: JPMPrC) were losing 2 cents to $27.28 with about 48,000 shares trading.

The series Y preferreds (NYSE: JPMPrF) were off by 3 cents to $25.76 with about 36,000 shares trading.

Sector peer Bank of America Corp.’s 6.625% series W non-cumulative preferred stock was also trending negative.

The preferreds (NYSE: BACPrW) were lower by 1 cent to $25.44 on volume of about 30,000 shares.

Meanwhile, real estate investment trust Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock was gaining slightly.

The preferreds (NYSE: NLYPrI) were better by 1 cent to $25.20 with about 64,000 shares trading.

In the communications space, Qwest Corp.’s 6.5% notes due 2056 were relatively active but flat as the session started.

The notes (NYSE: CTBB) were level at $23.53 on volume of about 32,000 shares.

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