Qwest $25-par notes jump; JPMorgan preferreds gain; NuStar better

By James McCandless

San Antonio, July 1 – The preferred market made broad gains on Wednesday with a focus on telecom and finance names.

In secondary market activity, communications name Qwest Corp.’s 6.875% notes due 2054 jumped after being called for redemption.

Sector peer AT&T Inc.’s 4.75% series C perpetual preferred stock also finished the session on the positive side.

Elsewhere, in the finance space, JPMorgan Chase & Co.’s 5.75% series DD and 4.75% series GG non-cumulative preferreds both saw gains.

Oil and gas name NuStar Energy LP’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferred units finished in a better position.

Meanwhile, retirement company Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares moved higher.

Qwest jumps

In Wednesday’s secondary market activity, communications name Qwest’s 6.875% notes due 2054 jumped.

The preferreds (NYSE: CTV) were up 51 cents to close at $25.12 on volume of about 897,000 shares.

On Tuesday, the company announced that it would redeem the $300 million outstanding of 2054 notes on Aug. 7.

Sector peer AT&T’s 4.75% series C perpetual preferred stock finished the session on the positive side.

The preferreds (NYSE: TPrC) ticked up 9 cents to close at $24.00 with about 306,000 shares trading.

JPMorgan gains

Elsewhere, in the finance space, JPMorgan’s 5.75% series DD and 4.75% series GG non-cumulative preferreds both saw gains by the end of the day.

The series DD preferreds (NYSE: JPMPrD) added 21 cents to close at $26.63 on volume of about 290,000 shares.

The series GG preferreds (NYSE: JPMPrJ) picked up 8 cents to close at $25.16 on volume of about 199,000 shares.

NuStar better

Oil and gas midstream name NuStar’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferred units finished the afternoon in a better position.

The preferreds (NYSE: NSPrB) shot up 77 cents to close at $16.99 with about 246,000 shares trading.

Athene higher

Meanwhile, retirement services company Athene’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares moved higher.

The preferreds (NYSE: ATHPrC) garnered 1 cent to close at $25.26 on volume of about 192,000 shares trading.

On Tuesday, the preferreds dropped 11 cents.

Indexes up

The Wells Fargo Hybrid & Preferred Securities Financial index finished the session up by 0.64%, rising past the 0.29% rise from early Wednesday trading.

The iShares US Preferred Stock ETF was up 7 cents to $34.54.

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