Morning Commentary: U.S. Bancorp preferreds open lower; Qwest’s $25-par notes decline

By James McCandless

San Antonio, Aug. 28 – U.S. Bancorp’s $575 million of 5.5% series K non-cumulative perpetual preferred stock declined, leading early secondary activity.

The preferreds (NYSE: USBPrP) were down 2 cents to $25.28 on volume of about 80,000 shares.

Elsewhere, Qwest Corp.’s 6.5% $25-par notes were also spotted declining in early trading.

Quest’s paper has remained active since an announcement on Aug. 20 that the company planned to redeem $1.34 billion in total of its notes and debentures. Those securities include the 7.5% notes due 2051, two series of 7% notes due 2052 and 7.25% debentures due 2035.

Qwest’s existing 6.5% notes due 2056 (NYSE: CTBB) were down 7 cents to $23.56 with about 43,000 notes trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.12% in early trading, giving back a 0.02% gain on Monday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.